We studied the electromagnetically induced transparency, where the three-level atom of Λ-type is put in two statistically independent squeezed vacuums. We start from the master equation containing the decay of the atom to the squeezed vacuums, and solve the non-diagonal density matrix element analytically, finding that it is strongly dependent on the squeezing degree and the phase of the squeezed vacuum. There is also a dependence on the intensity and phase of the probe beam, which would not appear in the normal vacuum case. By coupling with squeezed vacuums, the atom would not only experience electromagnetically induced transparency and slow group velocity, but also induce a fast group velocity,backward group velocity and a gain in the probe light field. Besides, the absorption and gain can be modulated by the intensity of probe light.