In the past studies, lactate has been regarded as a product of glycolysis, namely an undesirable metabolic by-product. In recent 30 years, studies have proved that lactate can be used as an energy substrate, and it can also participate in neural activity by affecting signal pathways. Lactate can play a role in spatial memory, fear memory and addiction memory. Lactate generated in astrocytes and oligodendrocytes is transported to neurons, so as to provide energy for neurons and affect memory. Lactate can not only directly act on lactate receptor, but also indirectly promote neurogenesis, synaptic plasticity and immediate early gene expression by enhancing the activity of N-methyl-D-aspartic acid receptor, and induce the expression of brain-derived neurotrophic factor, thus affecting memory. Lactate is also a potential therapeutic target for neurological diseases related to memory, such as Alzheimer’s disease. This paper reviews the effects of lactate production on different memory, the effects of different neurotransmitters regulating lactate production on memory, the neural mechanism of lactate affecting memory, and the role of lactate in neurodegenerative diseases related to memory. Through combing the above aspects, it is hoped to further provide new ideas for the study on the role of lactate in memory and the role of lactate in nervous system.