Due to the introduction of memristors, the memristor-based nonlinear oscillator circuits readily present the state initial-dependent multistability, i.e., coexisting multiple attractors. The dimensionality reduction modeling for a memristive circuit is carried out to realize accurate prediction, quantitative analysis, and physical control of its multistability, which has become one of the hottest research topics in the field of information science. Based on these considerations, this paper briefly reviews the specific multistability phenomenon generating from the memristive circuit in the voltage-current domain and (...) expounds the multistability control strategy. Then, this paper introduces the accurate flux-charge constitutive relation of memristors. Afterwards, the dimensionality reduction modeling method of the memristive circuits, i.e., the incremental flux-charge analysis method, is emphatically introduced, whose core idea is to implement the explicit expressions of the initial conditions in the flux-charge model and to discuss the feasibility and effectiveness of the multistability reconstitution of the memristive circuits using their flux-charge models. Furthermore, the incremental integral transformation method for modeling of the memristive system is reviewed by following the idea of the incremental flux-charge analysis method. The theory and application promotion of the dimensionality reduction modeling and multistability reconstitution are proceeded, and the application prospect is prospected by taking the synchronization application of the memristor-coupled system as an example. (shrink)