Photochromic molecules provide an intriguing and relatively untapped alternative to traditional materials utilized in organic memory devices. Here, we review recent progress in the implementation of photochromic molecules in electrically-addressed organic memory devices. Recent results for a light-emitting photochromic organic diode are highlighted in the context of multifunctional devices with the ability to simultaneously operate as multilevel memory, signage and display elements. Furthermore, a set of design rules for successful implementation of photochromic compounds in organic memory devices are suggested.