We explore the emergence and active control of optical bistability in a two-level atom near a graphene sheet. Our theory incorporates self-interaction of the optically driven atom and its coupling to electromagnetic vacuum modes, both of which are sensitive to the electrically tunable interband transition threshold in graphene. We show that electro-optical bistability and hysteresis can manifest in the intensity, spectrum, and quantum statistics of the light emitted by the atom, which undergoes critical slow-down to steady state. The optically driven atom-graphene interaction constitutes a platform for active control of driven atomic systems in coherent quantum control and atomic physics.