In this Letter, we demonstrated a scheme to compress the spectral width of 795nm photons generated from four-wave mixing in a cold Rb-87 cloud, from 20.6\,MHz to less than 8\,MHz, almost matching the absorption linewidth of the corresponding Rb-87 atomic transition. This method has the potential to increase the efficiency of atom-light interactions at the single quantum level, which is at the core of several proposals in storing, processing and relaying quantum information. Furthermore, as this method of spectral compression maintains the photon rates in principle, it is a viable technique for dim photon sources.