We present phase control of the fluctuation-induced bistability in the three-level Λ-type system where a weak, amplitude-fluctuating component and a strong coherent component are used as a control field. With the addition of the stochastic component, optical bistability can be produced even if detunings of the probe and control fields from corresponding atomic transition frequencies are equal;without the addition, the medium is transparent to the input light. Depending on the relative phase between the stochastic and coherent parts, bistability a...