We fabricated Fe2O3−x and Ag-doped Fe2O3−x devices with resistive switching behavior by using a radiofrequency cosputtering system. Our results indicated that doping Ag into Fe2O3−x can effectively improve device performance, increasing the data retention test time to beyond 104 s and resulting in switching cycles of approximately ∼3 × 102 times; resistance on/off ratios of approximately ∼103; and mean setting and reset voltages of 0.94 V and −1.35 V, respectively. The improvement in performance had several possible reasons. In our case, conductive filament formation was mainly induced by oxygen vacancies and Ag atoms. X-ray photoelectron spectroscopy showed that oxygen vacancies increased significantly with Ag doping. This phenomenon can improve device performance. Ag atoms served as trap centers, allowing for the easy trapping and release of charges. This effect facilitated the formation of conductive filaments. Ag-doped Fe2O3−x has significant potential for application in resistive switching random access memory devices.