Owing to the pressing requirement for advanced memory solutions driven by explosive data growth, nonvolatile and fast-operating 1S1R structured XPoint memory has become a prominent focus, with recent interest shifting towards the 1S structured selector-only memory. The use of chalcogenide-based materials in these technologies constrains the application of such memories because of their complex quaternary compositions. This study investigated the previously unreported potential of GaSe, a simple binary Se-based chalcogenide, for applications as a selector and phase-change memory (PCM). In this study, ε-GaSe thin films were deposited using thermal evaporation and subsequently annealed in a Se atmosphere for 1 and 2 h. These ε-GaSe thin film devices incorporated metal–insulator–metal construction to exhibit both selector and PCM characteristics. The ε-GaSe device that was Se-annealed for 1 h demonstrated superior performance with a lower threshold voltage and off current, high selectivity as a selector, and reduced set voltage and reset power as a PCM. These characteristics render the proposed device a highly promising candidate for dual selector/PCM applications. To explain the electrical behavior of the ε-GaSe device, we propose the conduction mechanism model depending on the Se-annealing time, which is related to the change in the physical properties of ε-GaSe.