The authors investigate the optical bistability in an L-band dual-wavelength erbium-doped fiber (EDF) laser with overlapping cavities. The bistable input-output hysterisis behaviors of the two lasing wavelengths evolve in antiphase. The bistable region is tens of milliwatts wide. The bistability is essentially due to the homogeneously saturable absorption of EDF. The cross-gain saturation causes the bistabilities of the two lasing lines to evolve in antiphase with respect to each other. The gain clamping effect helps to widen the bistable region, which may be controlled by the cavity loss and by the EDF length.