This paper presents a novel discrete memristor model that incorporates exponential and absolute value functions. A discrete coupled memristor neural network model is constructed based on this memristor design. The periodic and chaotic regions of the discrete neural network model are determined using bifurcation and Lyapunov exponent spectrum. Furthermore, by varying the initial values of the discrete memristive neural network, we observe the coexistence of chaos and periodic attractors, as well as periodic attractors. Additionally, an application to color image encryption based on the discrete system model is given. Security analysis is conducted in the aspects of key space, histogram analysis, correlation analysis, sensitivity analysis, Peak Signal-to-Noise Ratio (PSNR), and information entropy analysis. The analysis results show that the algorithm has a key space size of [Formula: see text], and the information entropy of baboon graph is 7.9993, which is very close to the ideal value of 8. It shows that the image encryption algorithm is feasible and effective. Finally, the implementation of the discrete memristive neural network model is realized using Field Programmable Gate Array (FPGA). The experimental implementation is conducted using the Verilog language on the Vivado 2018.3 platform, and the obtained results align with the numerical simulation results obtained through MATLAB.