(ZnO)x(Sb2Te3)1-x materials with different ZnO contents have been systemically studied with an aim of finding the most suitable composition for phase change memory applications. It was found that ZnO-doping could improve thermal stability and electrical behavior of Sb2Te3 film. Sb2Te3-rich nanocrystals, surrounded by ZnO-rich amorphous phases, were observed in annealed ZnO-doped Sb2Te3 composite films, and the segregated domains exhibited a relatively uniform distribution. The ZnO-doped Sb2Te3 composite films, especially with 5.2 at% ZnO concentration were found to have higher crystallization temperature, higher crystalline resistance, and faster crystallization speed in comparison with Ge2Sb2Te5. A reversible repetitive optical switching behavior can be observed in (ZnO)5.2(Sb2Te3)94.8, confirming that the ZnO doping is responsible for a fast switching and the compound is stable with cycling. Therefore, it is promising for the applications in phase change memory devices.