The memory behavior in liquid crystals (LCs), although rarely observed, has made very significant headway over the past three decades since their discovery in nematic type LCs. It has gone from a mere scientific curiosity to application in variety of commodities. The memory element formed by numerous LCs have been protected by patents, and some commercialized, and used as compensation to non-volatile memory devices, and as memory in personal computers and digital cameras. They also have the low cost, large area, high speed, and high density memory needed for advanced computers and digital electronics. Short and long duration memory behavior for industrial applications have been obtained from several LC materials, and an LC memory with interesting features and applications has been demonstrated using numerous LCs. However, considerable challenges still exist in searching for highly efficient, stable, and long-lifespan materials and methods so that the development of useful memory devices is possible. This review focuses on the scientific and technological approach of fascinating applications of LC-based memory. We address the introduction, development status, novel design and engineering principles, and parameters of LC memory. We also address how the amalgamation of LCs could bring significant change/improvement in memory effects in the emerging field of nanotechnology, and the application of LC memory as the active component for futuristic and interesting memory devices.