In the new computing world, phase-change memory (PCM) has recently evolved as a non-volatile key-enabling technology that has been used as memory storage. PCM has also been explored as non-von Neumann computing for neuromorphic computing applications. It was discovered in the 1960s, still, there are many questions related to its thermal stability, endurance, electrical and structural dynamics. To enhance thermal stability and operation speed, many materials have been explored yet, some rare-earth elements prove to be suitable materials for improving the performance of the device. The article describes the applications of the PCM and the basic pro-cesses involved in the working of the device. READ and WRITE processes, material exploration, and cell designs have been discussed, concluding that mushroom-type cell design is good for fabricating PCM devices. Various performance-related properties of the device have been discussed including scalability, reliability, and vari-ability. Finally, an outlook and future scope have been discussed.