The concept of optical protein-based memory has been of interest since the early 1970s. Yet, no commercially available protein-based memory devices exist. This review presents an analysis of the main challenges associated with the practical implementation of such devices. In addition, the discussion includes details on the potential of using the unparalleled properties of photochromic proteins by creating an optical data storage disk drive with unmatched features and, particularly, record-high data densities and rates.