A novel grating interferometer configuration with eightfold optical subdivision to achieve ultrahigh resolution using a special symmetrical prism is proposed. The optical subdivision is enhanced by four times compared to traditional linear optical encoders. In this work, we take advantage of a high linear density grating of 1780 lines/mm, which is combined with an eightfold optical subdivision configuration. As a result, a high resolution of 68.6 pm is achieved. The apparatus adopts a symmetrical measurement configuration to reduce the error arising from environmental fluctuations. The verification experiments involve high optical subdivision, long- and short-range displacement measurement, and stability, with all results compared to those obtained with a commercial interferometer. The excellent agreement of the results demonstrates the effectiveness of our proposed system.