This article reviews the current status and future prospects for the use of nanomaterials and devices in memory technology. First, the status and continuing scaling trends of the flash memory are discussed. Then, a detailed discussion on technologies trying to replace flash in the near-term is provided. This includes phase change random access memory, Fe random access memory and magnetic random access memory. The long-term nanotechnology prospects for memory devices include carbon-nanotube-based memory, molecular electronics and memristors based on resistive materials such as TiO(2).