In this study, we have investigated the squeezing and entanglement characteristics of the light produced by three-level atoms available in an open cavity and pumped to the top level by electron bombardment at constant rate. We have obtained steady-state solutions to the quantum Langevin equations for the cavity mode operators and the equations of evolution for the expectation values of the atomic operators by employing the large-time approximation approach. The squeezing characteristics, entanglement amplification, and normalized second-order correlation function of the cavity radiation are discussed using the resulting steady-state solutions. We have seen that the light generated by the three-level laser is in a squeezed state, and the squeezing occurs in the minus quadrature. It so turns out that the maximum quadrature squeezing of the two-mode cavity light is 37.5% for n̄=0, 36.5% for n̄=0.01, and 35.5% for n̄=0.02 below the vacuum-state level. We have also established that the impact of the thermal reservoir process results in increases in the mean and variance of the photon number. Additionally, it is discovered that quadrature squeezing and entanglement are increased by the existence of spontaneous emission. This indicates that there are actually more photons fluctuating in the cavity. It is found that the squeezing and entanglement in the two-mode light are directly related. As a result, an increase in the degree of squeezing directly leads to an increase in the degree of entanglement and vice versa. This shows that, whenever there is squeezing in the two-mode light; an entanglement exists in the system.