The invention relates to a resistive random access memory based on bismuth iron thin film system and manufacturing method thereof. The memory comprises an insulating substrate (101) layer as the first layer, a lower electrode (102) as the second layer, a bismuth iron thin film (103) as the third layer, an upper electrode (104) as the fourth layer; the manufacturing method utilizes the method thermal evaporation or magnetron sputtering to grow the lower electrode on the insulating substrate layer, utilizes the method of magnetron sputtering, pulsed laser deposition or colloidal sol-gel to grow the bismuth iron thin film on the lower electrode, finally utilizes the method of thermal evaporation or magnetron sputtering to grow the upper electrode on the bismuth iron thin film, and utilizes the method of ultraviolet lithography, electron beam or ion beam etching to obtain the electrode pattern. The memory provided by the invention has excellent electroluminescent resistance effect and good stability, and has simple manufacturing method, low cost and is easy for manufacturing in large scale and commercial process.