The quantum properties of light in the system of Λ-type three-level atom interacting with radiation fields in binomial states are studied by means of quantum theory. The influences of the initial states of the Λ-type three-level atom and the parameter of the binomial optical fields on squeezing of the optical field and the second-order coherence degree are investigated in detail. As the detuning parameter of atom Δ and the parameter of the binomial optical field η are small,bunching and antibunching effect can be exhibited alternatively. With the increase of the parameters,the light field shows antibunching effect completely. If the detuning parameter of atom Δ and the parameter η are chosen appropriately,the component X₁ of the light field in the coupling system will be squeezed during the certain time. The results indicate that the light field shows squeezing effects and continuous antibunching effect under a certain condition as it interactes with a Λ-type three-level atom.