The volume of the original cube with side 8 cm is:
\[
\text{Volume of original cube} = 8^3 = 512 \, \text{cm}^3.
\]
The volume of a smaller cube with side 4 cm is:
\[
\text{Volume of smaller cube} = 4^3 = 64 \, \text{cm}^3.
\]
The number of smaller cubes that can be formed is the ratio of the volumes:
\[
\frac{512}{64} = 8.
\]
Thus, the correct answer is 8.