Since memristors as an emerging nonlinear electronic component have been considered the most promising candidate for integrating nonvolatile memory and advanced computing technology, the in-depth reveal of the memristive mechanism and the realization of hardware fabrication have facilitated their wide applications in next-generation artificial intelligence. Flexible memristors have shown great promising prospects in wearable electronics and artificial electronic skin (e-skin), but in-depth research on the physical mechanism is still lacking. Here, a flexible memristive device with a Ag/HfOx/Ti/PET crossbar structure was fabricated, and a remarkable analog switching characteristic similar to synaptic behavior was observed. Through detailed data fitting and in-depth physical mechanism analysis, it is confirmed that the analog switching characteristics of the device are mainly caused by carrier tunneling. Furthermore, the memristive properties of the Ag/HfOx/Ag/PET device can be attributed to the conductive filaments formed by the redox reaction of the active metal Ag. Finally, the interfacial barrier is extracted by the Arrhenius diagram and the energy band diagram, which is drawn to clearly demonstrate the conduction mechanism of charge trapping in the device. Therefore, the HfOx-based flexible memristor with analog switching behavior and stable memory performance lays the foundation for cutting-edge applications in wearable electronics and smart e-skin.