Large language models (LLMs) have emerged as a cornerstone in real-world applications with lengthy streaming inputs (e.g., LLM-driven agents). However, existing LLMs, pre-trained on sequences with a restricted maximum length, cannot process longer sequences due to the out-of-domain and distraction issues. Common solutions often involve continual pre-training on longer sequences, which will introduce expensive computational overhead and uncontrollable change in model capabilities. In this paper, we unveil the intrinsic capacity of LLMs for understanding extremely long sequences without any fine-tuning. To this end, we introduce a training-free memory-based method, InfLLM. Specifically, InfLLM stores distant contexts into additional memory units and employs an efficient mechanism to lookup token-relevant units for attention computation. Thereby, InfLLM allows LLMs to efficiently process long sequences with a limited context window and well capture long-distance dependencies. Without any training, InfLLM enables LLMs that are pre-trained on sequences consisting of a few thousand tokens to achieve comparable performance with competitive baselines that continually train these LLMs on long sequences. Even when the sequence length is scaled to 1,024K, InfLLM still effectively captures long-distance dependencies. Our code can be found at https://github.com/thunlp/InfLLM.