The Fano resonance, with a unique asymmetric line shape, is a well-known manifestation of quantum interference with numerous promising applications for light-harvesting devices. Here we report an experimental observation of the Fano effect in an ultracold atom-molecule coupled system realized by photoassociation near a magnetically tunable
d-wave Feshbach resonance. Our result shows that, compared to ubiquitous single-peak Fano-type line shapes, the coupled Fano resonances feature a two-peak profile. We develop a theory of coupled Fano resonances which agrees very well with the experimental results. This work may open a new perspective for tuning ultracold collisional interaction using the Fano resonance and studying bound states in continuum.