The influence of room temperature (RT) and cryogenic temperature (CR) supersonic fine particle bombardment (SFPB) on the surface, microstructure, and mechanical properties of Fe–28Mn–8Al–1C lightweight steel is investigated in this work. The results indicate that both RT‐SFPB and CR‐SFPB successfully induce gradient nanostructures on the surface of steel, refining the grains to the nanoscale. Furthermore, CR‐SFPB results in a finer grain size and higher dislocation density compared to RT‐SFPB. Additionally, the dominant deformation mechanism shifts from dislocation slip for RT‐SFPB to a combination of dislocation slip and twinning for CR‐SFPB. CR‐SFPB is seen to be superior to RT‐SFPB in terms of surface integrity and strength due to low‐temperature lubrication effect, suppression of dynamic recovery and reduced stacking fault energy of the material. Interestingly, while CR‐SFPB enhances strength, elongation remains comparable to that of untreated material. However, excessive impact times during SFPB treatment promote microcrack formation on the surface, compromising plasticity.