Cobalt ferrite is one of the candidates from spinel ferrite family and can be termed as an active material in resistive random-access memory (RRAM) cell because of its excellent performance in switching devices. In thisarticle, the review on the role of cobalt ferrite as an active insulator material for metal/insulator/metal (M/I/M) configuration is discussed. The mode of metal/CoFe$_2$O$_4$/metal memory cell depends on the electrode material. The metal/CoFe$_2$O$_4$/metal memory cell exhibits either unipolar resistive switching or bipolar resistive switching characteristics. The switching mechanism of the metal/CoFe$_2$O$_4$/metal memory cell can be well understood usingconducting filament model. The review suggests that the switching cycle characteristics ca