Phase change memory (PCM) offers remarkable features such as high-speed and non-volatility for universal memory. Yet, simultaneously achieving better thermal stability and fast switching remains a key challenge. Thus, exploring novel materials with improved characteristics is of utmost importance. We report here, a unique property-portfolio of high thermal stability and picosecond threshold switching characteristics in In3SbTe2 (IST) PCM devices. Our experimental findings reveal an improved thermal stability of amorphous IST compared to most other phase change materials. Furthermore, voltage dependent threshold switching and current-voltage characteristics corroborate an extremely fast, yet low electric field threshold switching operation within an exceptionally small delay time of less than 50 picoseconds. The combination of low electric field and high speed switching with improved thermal stability of IST makes the material attractive for next-generation high-speed, non-volatile memory applications. © 2019, The Author(s).