Using a sample of 2408 time-resolved spectra for 91 BATSE gamma-ray bursts (GRBs) presented by Preece et al., we show that the relation between the isotropic-equivalent luminosity (L_iso) and the spectral peak energy (E_p) in the cosmological rest frame, L_iso \propto E_p^2, not only holds within these bursts, but also holds among these GRBs, assuming that the burst rate as a function of redshift is proportional to the star formation rate. The possible implications of this relation for the

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... ion models of GRBs are discussed. We suggest that both the kinetic-energy-dominated internal shock model and the magnetic-dissipation-dominated external shock model can well interpret this relation. We constrain the parameters for these two models, and find that they are in a good agreement with the parameters from the fittings to the afterglow data (abridged).