The layered van der Waals CuInP₂S₆ (CIPS) features interesting functional behaviors, including reversible ferroelectric polarization, Cu ion migration, negative capacitance effect, etc. Here, the CIPS flakes were exfoliated from the CVT-grown high-quality single crystals, which were fabricated into metal/CIPS/metal heterostructures by conventional photolithography. It was found that the CIPS flakes persisted in the dominant out-of-plane polarization and the minor in-plane polarization. Clear hysteresis current–voltage (I–V) loops, as well as the rectifying character, were revealed in metal/CIPS/metal heterostructures, indicating the potential application as a memory device. Additionally, the different metal electrode could significantly modulate the Schottky-like barrier at metal/CIPS interfaces, resulting in symmetric or asymmetric I–V loops. The complicated I–V curves may have originated from the voltage-induced Cu ion migration, reversible ferroelectric polarization, and carrier (ion) trapping/detrapping. This work may facilitate the metal electrode selection for the ferroelectric CIPS-based device application.