Memristor is a kind of resistance and in possession of the function of memory. The research hotspots and difficulties at present memristor lie in the application of the new model and related areas. A novel magnetron memristor model based on hyperbolic sine function is designed and found that its characteristic is consistent with the typical memristor from the trajectory of voltage and current phase. A new memristor chaotic systemshe using the new memristor model is also presented, and then the phase trajectories, the bifurcation diagram and Lyapunov exponent spectrum of the new system are plotted through numerical simulations. In addition, based on Multisim circuit simulation software for the new system simulation, both experimental and simulation results validate the proposed equivalent circuit realization. Finally, the chaotic sequences generated by the new system are used for scrambling the pixel position to protect image information security. The correlation and statistic histogram entropy of adjacent pixels, anti-attack capability and key sensitivity of the encrypted image are analyzed, which indicate that the new memristive chaotic system has much better potential advantages than other existing chaotic system in image encryption application with high safety performance.