Laser-induced periodic surface structures (LIPSSs) on various materials have been extensively investigated because of their wide applications. The combination of different materials allows for greater freedom in tailoring their functions and achieving responses not possible in a homogeneous material. By utilizing a femtosecond (fs) laser to irradiate the Fe-doped Polyvinyl Pyrrolidone (PVP) composite film, highly regular ultrafine nanogratings (U-nanogratings) with a period as small as 35.0 (± 2.0) nm can be self-organized on the surface with extremely high efficiency. The period of the U-nanogratings can be controlled by varying the scanning speed of the laser beam (deposited energy) and the thickness of the composite film. Based on the experimental, theoretical, and simulation results, we propose a two-step formation mechanism: composite film excitation and two sequent grating-splitting. The high photosensitivity and low glass transition temperature of the composite film facilitate the fabrication of the ultrafine nanostructures. The proposed design method for the composite material and fabrication process could not only provide a strategy for obtaining highly regular U-nanogratings, but also offer a platform to explore the interaction physics between ultra-short pulses and matter under extreme conditions.