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A highly transparent resistive random access memory with a configuration of multilayer graphene (MLG)/Dy2O3/indium tin oxide (ITO) structure is demonstrated in this paper. The fabricated device is transparent, with 80% transmittance at 550 nm. The MLG/Dy2O3/ITO device shows unipolar resistance switching with a low operation current (<;100 μA), low operation voltage (<;1 V), low power consumption (<;100 μW), high resistance ratio (>104), fast switching speed (<;60 ns), reliable data retention, and promising cycle endurance properties (>200 cycles), which makes a step toward the realization of low-power transparent electronics for next-generation nonvolatile memory application. The MLG/Dy2O3/ITO device exhibited typical filamentary-conduction-type resistive random access memory behavior and no forming process is required. High resistance state (HRS) increases with a reduced device area while low resistance state (LRS) is insensitive to the device sizes. Moreover, Raman spectra obtained in pristine state, HRS, and LRS indicate that the lower power consumption of MLG/Dy2O3/ITO device is attributable to the formation of oxygen graphene layers.