In quantum communication and photonic quantum information processing, the requirement of quantum repeaters and quantum memory often imposes a strict bandwidth prerequisite for the entangled photons. At the same time, there is ever more increasing demand for entangling more degrees of freedom, i.e., hyperentanglement, for a photon pair. In this Letter, we report the direct generation of narrow-band orbital angular momentum (OAM) and polarization hyperentangled photons from cold atoms. The narrow-band photon pair is naturally entangled in polarization and OAM, in addition to time-frequency, degrees of freedom due to spin and orbital angular momentum conservation conditions in the spontaneous four-wave mixing process in a cold atom ensemble. The narrow-band hyperentangled photon pair source reported here is expected to play important roles in quantum memory-based long-distance quantum communication.