A new fourth order hyperchaotic memristor system is constructed by introducing a magnetron memristor into the chaotic system. Firstly, the characteristics of the memristor system are discussed. The hyperchaotic characteristics of the new memristor system are determined by using analysis methods including Lyapunov exponent and dimension, dissipation, infinite multiple equilibrium sets and stability, and the infinite equilibrium sets are obtained. Compared with the original system, it is found that the new system is more complex and more chaotic. Secondly, the dynamic behavior of the new system is investigated, and the transient chaos caused by different parameters and the co-existence of attractors caused by different initial values are observed. This is the first analysis of this phenomenon for a system containing constant. Finally, the simulation electronic circuit of the system is designed and built. The experimental results show that the oscilloscope results are consistent with the numerical simulation results, which provides a basis for the practical application of the memristor hyperchaotic system.