In this paper, theoretical investigation of controlling the optical bistability (OB) and optical multistability in a four-level biexciton-exciton cascade configuration inside a unidirectional ring cavity is reported. By destructive quantum interference set up by a control field that couples to a biexciton state, the OB and multistability can be controlled by spin relaxation between exciton states and biexciton binding energy renormalization. This study shows that many-particle interactions which are natural in semiconductors can be used to creation of quantum coherence.