We study the matter-wave bistability in coupled atom-molecule quantum gases, in which heteronuclear molecules are created via an interspecies Feshbach resonance involving either two-species Bose or two-species Fermi atoms at zero temperature. We show that the resonant two-channel Bose model is equivalent to the nondegenerate parametric down-conversion in quantum optics, while the corresponding Fermi model can be mapped to a quantum optics model that describes a single-mode laser field interacting with an ensemble of inhomogeneously broadened two-level atoms. Using these analogies and the fact that both models are subject to the Kerr nonlinearity due to the two-body s-wave collisions, we show that under proper conditions, the population in the molecular state in both models can be made to change with the Feshbach detuning in a bistable fashion.