Non-charge-storage-based nonvolatile memory characteristics associated with oxygen ion exchange are demonstrated in a thin-film transistor (TFT) composed of an indium-zinc oxide (IZO) channel and an oxygen-deficient HfO2–x gate oxide. A nonvolatile increase in drain current and a reduced threshold voltage are obtained upon application of positive gate voltage, with the opposite characteristics upon application of negative voltage. The device shows nonvolatile retention properties and suitable endurance properties after repeated operations. Modulation of channel conductance occurs as a results of oxygen ion exchange between the HfO2–x gate oxide and the IZO channel, which consequently alters the oxygen vacancy concentration in the IZO channel; these vacancies act as n-type dopants. For comparison, a device with a thin SiO2 layer inserted between the HfO2–x gate oxide and the IZO channel to prevent oxygen ion exchange shows only the increased threshold voltage upon application of a positive gate voltage as a result of electron charging. These results verify the conductance modulation mechanism associated with oxygen ion exchange at the interface of the HfO2–x gate oxide and the IZO channel. In addition, the nonvolatile memory characteristics of the device are indicative of its potential for non-charge-storage-based nonvolatile memory application.