In this investigation, all-optical Toggle flip-flop event-driven memory is explored with data rate of 16 Gbit/s. Single mode optical fiber model is used as a nonlinear medium to generate the output set and reset pulses of a Toggle flip-flop, and the model is based on the bidirectional optical transmission principle, considering the fundamental effects of cross phase modulation and self-phase modulation with change in polarization state. The performance of a flip-flop is evaluated using truth table conditions and performance parameters such as Q factor, which is obtained as 380.92 dB for Q and 272.9 dB for Q, and rising and falling times of 7.304 ps and 5.79 ps, respectively are obtained, which makes flip-flop design fast as compared to earlier design techniques.