In photonics and condensed‐matter physics, optical control of many‐body phenomena is significant for fundamental studies and optoelectronic applications. Herein, pronounced saturable excitonic behaviors in the nontransient optical response of monolayer MoS2 pumped by continuous‐wave laser are observed. These behaviors include bleaching of the excitonic absorption and a blueshift of the exciton resonance at increasing power of pump light, which are attributed to the band‐filling nonlinearity of excitons and repulsion‐dominated interaction between them, respectively. Moreover, it is also shown that the substrate has a strong impact on these phenomena, which can be ascribed to the changes in the dielectric screening effect and the trion spectral weight. In nontransient regime, the results not only demonstrate the analogy between excitons and atoms with respect to photon–particle and interparticle interactions, but also show the optical control of this many‐body effect. These findings can also push forward the research of photonic devices based on 2D materials.