We report the generation of nondegenerate narrow-bandwidth paired photons with time-frequency and polarization entanglements from laser cooled atoms. We observe the two-photon interference caused by Rabi splitting with a coherence time of about 30 ns and a visibility of 81.8% which verifies the time-frequency entanglement of the paired photons. The polarization entanglement is confirmed by polarization correlation measurements which exhibit a visibility of 89.5% and characterized by quantum-state tomography with a fidelity of 90.8%. Taking into account the transmission losses and duty cycle, we estimate that the system generates hyperentangled paired photons into opposing single-mode fibers at a rate of 320 pairs per second.