This paper deals with least squares estimation for the Cox–Ingersoll–Ross model with fractional Lévy noise from discrete observations. The contrast function is given to obtain the least squares estimators. The consistency and asymptotic distribution of estimators are derived when a small dispersion coefficient $\epsilon \to 0$, $n\to \mathrm{\infty }$, $\epsilon n^{\frac{1}{2}-d}\to 0$, and $n\epsilon \to \mathrm{\infty }$ simultaneously.