The dynamics of the diffraction peak 0012 parameters of LiNbO3:Fe crystals with a time resolution of less than 1 ns were recorded by synchronizing nanosecond laser pulses with electron bunches of the KISI-Kurchatov synchrotron source. The influence of a laser pulse (λ = 532 nm, t = 4 ns, energy density 0.6 J/cm2) at different polarization directions of the laser radiation causes a change in the peak intensity, which depends on the angle between the polarization direction of the laser radiation and the crystallographic axes. The obtained results are supplemented with wavelet analysis of experimental data. The observed polarization dependence correlates with published data on the photovoltaic effect.