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Reversible nanoscale magnetization reversal controlled merely by electric fields is still challenging at the moment. In this report, first-principles calculation indicates that electric field-induced magnetization reversal can be achieved by the appearance of unidirectional magnetic anisotropy along the (110) direction in Fe-deficient cobalt ferrite (CoFe(2-x)O4, CFO), as a result of the migration and local redistribution of the Co(2+) ions adjacent to the B-site Fe vacancies. In good agreement with the theoretical model, we experimentally observed that in the CFO thin films the nanoscale magnetization can be reversibly and nonvolatilely reversed at room temperature via an electrical ion-manipulation approach, wherein the application of electric fields with appropriate polarity and amplitude can modulate the size of magnetic domains with different magnetizations up to 70%. With the low power consumption (subpicojoule) characteristics and the elimination of external magnetic field, the observed electric field-induced magnetization reversal can be used for the construction of energy-efficient spintronic devices, e.g., low-power electric-write and magnetic-read memories.