On-chip plasmon-induced transparency offers the possibility of realization of ultrahigh-speed information processing chips. Unfortunately, little experimental progress has been made to date because it is difficult to obtain on-chip plasmon-induced transparency using only a single meta-molecule in plasmonic circuits. Here, we report a simple and efficient strategy to realize on-chip plasmon-induced transparency in a nanoscale U-shaped plasmonic waveguide side-coupled nanocavity pair. High tunability in the transparency window is achieved by covering the pair with different organic polymer layers. It is possible to realize ultrafast all-optical tunability based on pump light-induced refractive index change of a graphene cover layer. Compared with previous reports, the overall feature size of the plasmonic nanostructure is reduced by more than three orders of magnitude, while ultrahigh tunability of the transparency window is maintained. This work also provides a superior platform for the study of the various physical effects and phenomena of nonlinear optics and quantum optics.