This paper proposes a high-speed low-cost VLSI system capable of on-chip online learning for classifying address-event representation (AER) streams from dynamic vision sensor (DVS) retina chips. The proposed system executes a lightweight statistic algorithm based on simple binary features extracted from AER streams and a Random Ferns classifier to classify these features. The proposed system’s characteristics of multi-level pipelines and parallel processing circuits achieves a high throughput up to 1 spike event per clock cycle for AER data processing. Thanks to the nature of the lightweight algorithm, our hardware system is realized in a low-cost memory-centric paradigm. In addition, the system is capable of on-chip online learning to flexibly adapt to different in-situ application scenarios. The extra overheads for on-chip learning in terms of time and resource consumption are quite low, as the training procedure of the Random Ferns is quite simple, requiring few auxiliary learning circuits. An FPGA prototype of the proposed VLSI system was implemented with 9.5~96.7% memory consumption and <11% computational and logic resources on a Xilinx Zynq-7045 chip platform. It was running at a clock frequency of 100 MHz and achieved a peak processing throughput up to 100 Meps (Mega events per second), with an estimated power consumption of 690 mW leading to a high energy efficiency of 145 Meps/W or 145 event/μJ. We tested the prototype system on MNIST-DVS, Poker-DVS, and Posture-DVS datasets, and obtained classification accuracies of 77.9%, 99.4% and 99.3%, respectively. Compared to prior works, our VLSI system achieves higher processing speeds, higher computing efficiency, comparable accuracy, and lower resource costs.