Embodiments of the invention include a method of forming a nonvolatile memory device that contains a resistive switching memory element that has improved device switching performance and lifetime, due to the addition of a current limiting component disposed therein. The electrical properties of the current limiting component are configured to lower the current flow through the variable resistance layer during the logic state programming steps by adding a fixed series resistance in the resistive switching memory element of the nonvolatile memory device. In some embodiments, the current limiting component comprises a varistor that is a current limiting material disposed within a resistive switching memory element in a nonvolatile resistive switching memory device. Typically, resistive switching memory elements may be formed as part of a high-capacity nonvolatile memory integrated circuit, which can be used in various electronic devices, such as digital cameras, mobile telephones, handheld computers, and music players.