In dynamical systems, events that deviate significantly from usual or expected behavior are referred to as extreme events. This paper investigates the mechanism of extreme event generation in a 3D jerk system based on a generalized memristive device. In addition, regions of coexisting parallel bifurcation branches are explored as a way of investigating the multistability of the memristive system. The system is examined using bifurcation diagrams, Lyapunov exponents, time series, probability density functions of events, and inter-event intervals. It is found that extreme events occur via a period-doubling route and are due to an interior crisis that manifests itself as a sudden shift from low-amplitude to high-amplitude oscillations. Multistability is also identified when both control parameters and initial values are modified. Finally, an analog circuit based on the memristive jerk system is designed and experimentally realized. To our knowledge, this is the first time that extreme events have been reported in a memristive jerk system in particular and in jerk systems in general.