A magnetic atom epitomizes the scaling limit for magnetic information storage. Individual atomic spins have recently exhibited magnetic remanence, a requirement for magnetic memory. However, such memory has been only realized on thin insulating surfaces, removing potential tunability via electronic gating or exchange-driven magnetic coupling. Here, we show a previously unobserved mechanism for single-atom magnetic storage based on bistability in the orbital population, or so-called valency, of an individual Co atom on semiconducting black phosphorus (BP). Ab initio calculations reveal that distance-dependent screening from the BP surface stabilizes the two distinct valencies, each with a unique orbital population, total magnetic moment, and spatial charge density. Excellent correspondence between the measured and predicted charge densities reveal that such orbital configurations can be accessed and manipulated without a spin-sensitive readout mechanism. This orbital memory derives stability from the energetic barrier to atomic relaxation, demonstrating the potential for high-temperature single-atom information storage.