This paper is devoted to introduce a novel four-dimensional memristor-involved system and its applications in image encryption and chaotic circuit. The typical dynamical behaviors of the memristor-involved system are explored, such as chaotic phase potraits, Lyapunov exponent spectrum (LES), bifurcation diagram (BD) and complexity analysis.Then a color image encryption algorithm is designed. In this algorithm, the sequences generated by the four-dimensional memristor-involved system are used in scrambling and diffusion algorithm for three channels. The algorithm analysis results based on key space, key sensitivity, information entropy, histogram distribution, correlation coefficients, data loss and noise attacks indicate that the proposed algorithm can improve the security of the color image encryption algorithm. Finally, the memristor-involved chaotic circuit is implemented by using some discrete components. The experimental results of hardware circuit are consistent with the Multisim simulation results and the numerical simulation results. The research results have certain universality and portability, and can provide technical support for the subsequent analysis of other nonlinear circuits and the application of chaotic secure communication.