A fiber optical parametric amplifier (OPA) has a unique saturation property such that, with increase in signal input, the signal output power increases, reaches a peak. level, then decreases. Around the output peak condition, a negative feedback mechanism works to suppress intensity fluctuations in the signal output. This paper experimentally studies noise characteristics of such a gain-saturated fiber OPA. Two kinds of incident signals are injected into a fiber OPA. One is intentionally fluctuated light with large excess noise and the other is excess-noise-free (or shot-noise-limited) light. It is demonstrated that the noise suppression has an effect both on the excess noise and on beat noise due to amplified spontaneous emission generated inside the amplifier.