To combat COVID-19, clinicians and scientists all need to digest the vast amount of relevant biomedical knowledge in literature to understand the disease mechanism and the related biological functions. We have developed a novel and comprehensive knowledge discovery framework, COVID-KG, which leverages novel semantic representation and external ontologies to represent text and images in the input literature data, and then performs various extraction components to extract fine-grained multimedia knowledge elements (entities, relations and events). We then exploit the constructed multimedia KGs for question answering and report generation, using drug repurposing as a case study. Our framework also provides detailed contextual sentences, subfigures and knowledge subgraphs as evidence. All of the data, KGs, resources, and shared services are publicly available.