The spin memristive devices combining memristance and tunneling magnetoresistance have promising applications in multibit nonvolatile data storage and artificial neuronal computing. However, it is a great challenge for simultaneous realization of large memristance and magnetoresistance in one nanoscale junction, because it is very hard to find a proper spacer layer which not only serves as good insulating layer for tunneling magnetoresistance but also easily switches between high and low resistance states under electrical field. Here we firstly propose to use nanon composite barrier layers of CoO-ZnO to fabricate the spin memristive Co/CoO-ZnO/Co magnetic tunnel junctions. The bipolar resistance switching ratio is high up to 90, and the TMR ratio of the high resistance state gets to 8% at room temperature, which leads to three resistance states. The bipolar resistance switching is explained by the metal-insulator transition of CoO1−v layer due to the migration of oxygen ions between CoO1−v and ZnO1−v.