In this paper, we consider the geometric landscape connection of the widely studied manifold and factorization formulations in low-rank positive semidefinite (PSD) and general matrix optimization. We establish a sandwich relation on the spectrum of Riemannian and Euclidean Hessians at first-order stationary points (FOSPs). As a result of that, we obtain an equivalence on the set of FOSPs, second-order stationary points, and strict saddles between the manifold and factorization formulations. In addition, we show that the sandwich relation can be used to transfer more quantitative geometric properties from one formulation to another. Similarities and differences in the landscape connection under the PSD case and the general case are discussed. To the best of our knowledge, this is the first geometric landscape connection between the manifold and factorization formulations for handling rank constraints, and it provides a geometric explanation for the similar empirical performance of factorization and manifold approaches in low-rank matrix optimization observed in the literature. In the general low-rank matrix optimization, the landscape connection of two factorization formulations (unregularized and regularized ones) is also provided. By applying these geometric landscape connections (in particular, the sandwich relation), we are able to solve unanswered questions in the literature and establish stronger results in the applications on geometric analysis of phase retrieval, well-conditioned low-rank matrix optimization, and the role of regularization in factorization arising from machine learning and signal processing. Funding: This work was supported by the National Key R&D Program of China [Grants 2020YFA0711900 and 2020YFA0711901], the National Natural Science Foundation of China [Grants 12271107 and 62141407], and the Shanghai Science and Technology Program [Grant 21JC1400600]. Supplemental Material: The online appendix is available at https://doi.org/10.1287/ijoo.2022.0030 .