By means of solving Schrdinger equation and numerical calculations, the light squeezing effects in the system of the two-mode odd-even entangled coherent optical field interacting with a V-type three-level atom discussed. The results indicate that the light squeezing effects depend on the degree of entanglement of the two-mode odd-even entangled coherent optical fields, the detuning, the mean photon numbers and the atomic initial state. If the two-mode entangled coherent optical field is in unentangled states, its squeezing value is larger than that of the two-mode entangled coherent optical field in entangled states. When the atom is prepared in ground state or excited state initially, there appear obvious squeezing effects for the coherent optical field. On the contrary, if the initial state atom is prepared in ground state and excited state with adjacent amplitude, the squeezing effects in the system of the two-mode odd-even entangled coherent optical field will vanish. Whenever the optical fields are in entangled states or not, the squeezing effects will appear with two coherent states having the same mean photon number.