A new type of hybrid atom-light interferometer is demonstrated with atomic Raman amplification processes replacing the beam splitting elements in a traditional interferometer. This nonconventional interferometer involves correlated optical and atomic waves in the two arms. The correlation between atoms and light developed with the Raman process makes this interferometer different from conventional interferometers with linear beam splitters. It is observed that the high-contrast interference fringes are sensitive to the optical phase via a path change as well as the atomic phase via a magnetic field change. This new atom-light correlated hybrid interferometer is a sensitive probe of the atomic internal state and should find wide applications in precision measurement and quantum control with atoms and photons.