Microring cavities based on whispering-gallery modes (WGMs) have a very high-quality factor (Q) and a small mode volume, greatly improving the interaction between light and matter, which has attracted great attention in microlaser, nonlinear, and sensing fields. Plasmonics in the microcavity further enhance compression of the optical field. Recently, research on enhanced optical sensing sensitivity and low threshold laser based on exceptional points (EPs) is quite impressive. In this work, we propose a new, to our knowledge, all-optical switch by using the bistable effect under the EP of an ultra-compact plasmonic racetrack resonator and perform numerical simulations using the finite-difference time-domain (FDTD) method. The introduction of EPs further enhances the localization of the light field and thus improves the Kerr nonlinear effect of the microcavity; low threshold optical bistability is achieved. The results show that the device under an EP has a relatively lower threshold (input optical power threshold of 2.2 MW/cm2), shorter switching time (1.725 ps), and significantly improved switching contrast (17.16 dB) compared with those without EP. Our research lays the groundwork for optical switches that are chip-integrated, have low power consumption, and exhibit short switching times.