A system and method of making a firmware self updatable depending on option information stored in a configuration module. The configuration module can either be in a memory device or a memory controller. The self-updation flexibility can be achieved by customizing the options as per the customer's requirements and can be done either through an USB interface or by pre-programming the configuration module or any other communication or programming options. The option information is provided by using a configurable module inside either the memory or the memory controller. After the basic initialization operations, the firmware reads the option information from the controller itself or any other non-volatile memory and performs the tasks to enhance the overall performance.