Memcapacitor and meminductor are two new nonlinear memory circuit components defined on the basis of memristor. In the absence of physical devices of memcapacitor and meminductor, applying their equivalent circuit models into actual circuits to explore the characteristics of memcapacitor- and meminductor-based nonlinear circuits is meaningful. In this paper, a nonlinear oscillating circuit is designed based on the given nonvolatile memcapacitor and meminductor models, whose memory characteristics are analyzed using POP method in detail, and a series of dynamic characteristics of the novel chaotic circuit are analyzed, including Poincaré section, equilibrium point, system stability, bifurcation diagrams, Lyapunov exponent spectrums and dynamic map of the system. By analyzing the influence of parameters on system dynamics, the evolutionary law of the system is obtained, which helps to better use of this chaotic oscillator in possible application areas like communication encryption and synchronization approach dependent on the initial setting. In particular, coexisting attractors are found under different initial values, by drawing the attractive basin, four different types of attractors in the system are discovered, and from the attractive basin, the evolutionary process of the system under different initial values is obtained. Finally, the validity of the system is verified by DSP experiment, and the experimental results are consistent with the theoretical analysis.