High‐performance memristors based on AlN films have been demonstrated, which exhibit ultrafast ON/OFF switching times (≈85 ps for microdevices with waveguide) and relatively low switching current (≈15 μA for 50 nm devices). Physical characterizations are carried out to understand the device switching mechanism, and rationalize speed and energy performance. The formation of an Al‐rich conduction channel through the AlN layer is revealed. The motion of positively charged nitrogen vacancies is likely responsible for the observed switching. Ultrafast switching of an AlN memristor: ON switching is acheived using an 85 ps positive voltage pulse, and OFF switching using an 85 ps negative voltage pulse on the Al electrode of a Pt/AlN/Al memristor stack. A relatively low switching current (≈15 μA for 50 nm devices) has also been demonstrated in these memristors based on AlN films. The formation of an Al‐rich conduction channel through the AlN layer is revealed.