We present a theoretical study on optical bistability (OB), optical multistability (OM) and tunable all-optical switching in a four-level cascade type atomic system. The density matrix formalism is used to find out the response of the probe laser field. We explore OB and OM under unidirectional optical ring cavity configuration. A comparison between the effects of electromagnetically induced transparency (EIT) and electromagnetically induced absorption (EIA) windows on OB is presented. The threshold of OB and the hysteresis width can be tuned effectively by adjusting the applied coherent fields. A transition from OB to OM and vice-versa can be easily achieved by tuning the field parameters and the atomic cooperation parameter. Dynamic control of the probe laser propagating through the medium has been investigated. We also demonstrate conversion of a continuous wave (cw) input probe field into output switched pulse. The ON/OFF time of the switched probe pulse can also be controlled by tuning the field parameters.