Ferromagnetic (FM) α-Fe2O3 layers were deposited on n-type oxide semiconductor substrates of Nb-doped SrTiO3 (NSTO) to form YBa2Cu3O7−δ/α-Fe2O3/NSTO junctions. Multilevel resistance switching behavior was observed in YBa2Cu3O7−δ/α-Fe2O3/NSTO junctions with stable resistive states. The saturation magnetization MS of the YBa2Cu3O7−δ/α-Fe2O3/NSTO junctions was modulated by carrier injection and correlated with the conductivity of the switched state. This is the first report of simultaneous modulation of intrinsic magnetic and transport properties for FM oxide devices by using carrier injection.