Abstract Incorporating memristors into a cellular neural network (CNN) and introducing chaotic characteristics can generate in highly complex and unpredictable dynamic behaviors. To advance this research area, this paper proposes a new five-dimensional memristor CNN conservative hyperchaotic system and systematically analyzes its dynamic properties. The analysis content includes equilibrium point analysis, Poincaré sections, Lyapunov exponent spectra, bifurcation diagrams, two-parameter Lyapunov exponent spectra, complexity assessment, homogeneous and heterogeneous extreme multistability, etc. In addition, the simulation circuit for the new system is designed and constructed. The digital circuit of the new system is implemented using a microcontroller (MCU). After running simulations, the experimental results from the analog circuit, digital circuit, and numerical simulation are consistent with each other, demonstrating the feasibility of the circuit implementation. Finally, two different synchronization control strategies are employed to achieve synchronization control within a finite time.