Exchange bias is extensively studied and widely utilized in spintronic devices, such as spin valves and magnetic tunnel junctions. 2D van der Waals (vdW) magnets, with high‐quality interfaces in heterostructures, provide an excellent platform for investigating the exchange bias effect. To date, intrinsic modulation of exchange bias, for instance, via precise manipulation of the magnetic phases of the antiferromagnetic layer, is yet to be fully reached, owing partly to the large exchange fields of traditional bulk antiferromagnets. Herein, motivated by the low‐field spin‐flop transition of a 2D antiferromagnet, CrPS4, exchange bias is explored by modulating the antiferromagnetic spin‐flop phase transition in all‐vdW magnetic heterostructures. The results demonstrate that undergoing the spin‐flop transition during the field cooling process, the A‐type antiferromagnetic ground state of CrPS4 turns into a canted antiferromagnetic one, therefore, it reduces the interfacial magnetic coupling and suppresses the exchange bias. Via conducting different cooling fields, one can select the exchange bias effect switching among the “ON”, “depressed”, and “OFF” states determined by the spin flop of CrPS4. This work provides an approach to intrinsically modulate the exchange bias in all‐vdW heterostructures and paves new avenues to design and manipulate 2D spintronic devices.