For $b{\in}L^1_{loc}({\mathbb{R}}^n)$, let ${\mathcal{I}}_{\alpha}$ be the bilinear fractional integral operator, and $[b,{\mathcal{I}}_{\alpha}]_i$ be the commutator of ${\mathcal{I}}_{\alpha}$ with pointwise multiplication b (i = 1, 2). This paper shows that if the commutator $[b,{\mathcal{I}}_{\alpha}]_i$ for i = 1 or 2 is bounded from the product Morrey spaces $L^{p_1,{\lambda}_1}({\mathbb{R}}^n){\times}L^{p_2,{\lambda}_2}({\mathbb{R}}^n)$ to the Morrey space $L^{q,{\lambda}}({\mathbb{R}}^n)$ for some suitable indexes ${\lambda}$, ${\lambda}_1$, ${\lambda}_2$ and $p_1$, $p_2$, q, then $b{\in}BMO({\mathbb{R}}^n)$, as well as that the compactness of $[b,{\mathcal{I}}_{\alpha}]_i$ for i = 1 or 2 from $L^{p_1,{\lambda}_1}({\mathbb{R}}^n){\times}L^{p_2,{\lambda}_2}({\mathbb{R}}^n)$ to $L^{q,{\lambda}}({\mathbb{R}}^n)$ implies that $b{\in}CMO({\mathbb{R}}^n)$ (the closure in $BMO({\mathbb{R}}^n)$of the space of $C^{\infty}({\mathbb{R}}^n)$ functions with compact support). These results together with some previous ones give a new characterization of $BMO({\mathbb{R}}^n)$ functions or $CMO({\mathbb{R}}^n)$ functions in essential ways.