To deal with the effect of compressible fluids on the supercavitating flow over the subsonic disk cavitator of a projectile, a finite volume method is formulated based on the ideal compressible potential theory. By using the continuity equation and Tait state equation as well as Riabouchinsky closure model, an “inverse problem” solution is presented for the supercavitating flow. According to the impenetrable condition on the surface of supercavity, a new iterative method for the supercavity shape is designed to deal with the effect of compressibility on the supercavity shape, pressure drag coefficient and density field. By this method, the very low cavitation number can be computed. The calculated results agree well with the experimental data and empirical formula. At the subsonic condition, the fluid compressibility will make supercavity length and radius increase. The supercavity expands, but remains spheroid. The effect on the first 1/3 part of supercavity is not obvious. The drag coefficient of projectile increases as the cavitation number or Mach number increases. With Mach number increasing, the compressibility is more and more significant. The compressibility must be considered as far as the accurate calculation of supercavitating flow is concerned.