This application relates to the field of storage technologies and discloses a content addressable memory, a data processing method, and a network device, to resolve a problem that an existing CAM has a relatively large area, and consumes relatively large power. The CAM includes bit units of M rows and N columns, each bit unit includes a first FeFET and a second FeFET, a source of the first FeFET is connected to a drain of the second FeFET, a source of the second FeFET is grounded, bit cells of a same column correspond to a same match line, and a drain of a first FeFET in each bit cell of a same column is connected to a match line corresponding to the column. Bit cells of a same row correspond to a same first bit line and a same second bit line, a gate of a first FeFET in each bit cell of a same row is connected to a first bit line corresponding to the row, and a gate of a second FeFET in each bit cell of a same row is connected to a second bit line corresponding to the row. The CAM may be applied to a network device such as a router.