Neuromorphic systems built from memristors that emulate bioelectrical information processing in the brain may overcome the limitations of traditional computing architectures. However, functional emulation alone may still not attain all the merits of bio-computation, which uses action potentials of 50-120 mV at least 10 times lower than signal amplitude in conventional electronics to achieve extraordinary power efficiency and effective functional integration. Reducing the functional voltage in memristors to this biological amplitude can thus advance neuromorphic engineering and bio-emulated integration. This review aims to provide a timely update on the effort and progress in this burgeoning research direction, covering the aspects of device material composition, performance, working mechanism, and potential application.