Abstract This work presents resistive switching (RS) behaviour in HfO2-based low-power resistive random-access memory (RRAM) devices. A metal-insulator-metal (MIM) structure (Au/HfO2/Pt) was fabricated by sandwiching a thin insulating layer of HfO2 between Pt and Au electrodes. HfO2 films deposited by RF sputtering at room temperature were rapid thermally annealed in N2 ambient at 400 °C and 500 °C. Grazing angle X-ray diffraction (GIXRD), Field emission gun-scanning electron microscopy (FEG-SEM), atomic force microscopy (AFM), and X-ray photoelectron spectroscopy (XPS) were employed to analyse the phase, crystal structure, morphology, surface roughness and chemical composition of the HfO2 films. The bipolar RS could be observed in both as-deposited and annealed HfO2 film-based devices from I-V characteristics measured using a source meter. We have investigated the effect of annealing temperature and annealing ambient on the phase formation of HfO2 as well as the RS characteristics and compared with as-deposited film-based device. Annealed HfO2 film-based devices exhibited improved electrical characteristics, including stable and repeatable RS at significantly lower switching voltages (˂1 V) which indicates low power consumption in these devices. The relatively lower processing temperature of the HfO2 films and that too in the films deposited by physical vapor deposition (PVD) technique-RF magnetron sputtering makes this study significantly useful for resistive switching based non-volatile memories.