Due to complex frequency-driven and amplitude-driven nonlinear characteristics, various memristor emulators have been used for design of hyperchaotic oscillators and their security communication applications. It is essential to design the simplest possible oscillator with rich chaotic and hyperchaotic attractors for convenience of practical use. In this paper, only using one capacitor, one inductor, two resistors, and two diodes, a novel passive current-controlled second-order generalized memristor is presented. The model state equation and frequency/amplitude-driven voltage–current characteristics loci of the memristor are studied, and a simple four-element RCLM hyperchaotic circuit is constructed. The symmetry, dissipativity, stability of equilibrium points and dynamical behaviors are analyzed using nonlinear system theory and numerical tools. Various periodic, quasiperiodic, chaotic, and hyperchaotic attractors are coined. Finally, circuit simulations are executed and the results validate the correctness of the theoretical analysis.