The contest was for third place game at the Maui Invitational in Hawaii.
Dozier led the way with 15 points and nine rebounds as Memphis improved to 3-1. Douglas-Roberts and Hunt each scored 13 points and Kemp added 12 points.
Memphis, which lost to No. 19 Georgia Tech, 92-85, Tuesday, out-scored Kentucky, 37-23, after a 43-40 halftime lead. Memphis shot 50.8 percent from the field, and won the rebounding battle, 34-25.
Louisville made the contest look like even more of a mismatch by forcing 18 turnovers.
Randolph Morris had a game-high 18 points and eight rebounds, Joe Crawford had 15 points, and Bobby Perry had 10 points, four rebounds, and four assists for Kentucky (3-2), which was beaten by fifth-ranked UCLA, 73-68, Tuesday night.