Multimodal reasoning is a critical component in the pursuit of artificial intelligence systems that exhibit human-like intelligence, especially when tackling complex tasks. While the chain-of-thought (CoT) technique has gained considerable attention, the existing ScienceQA dataset, which focuses on multimodal scientific questions and explanations from elementary and high school textbooks, lacks a comprehensive evaluation of diverse approaches. To address this gap, we present COCO Multi-Modal Reasoning Dataset(COCO-MMRD), a novel dataset that encompasses an extensive collection of open-ended questions, rationales, and answers derived from the large object dataset COCO. Unlike previous datasets that rely on multiple-choice questions, our dataset pioneers the use of open-ended questions in the context of multimodal CoT, introducing a more challenging problem that effectively assesses the reasoning capability of CoT models. Through comprehensive evaluations and detailed analyses, we provide valuable insights and propose innovative techniques, including multi-hop cross-modal attention and sentence-level contrastive learning, to enhance the image and text encoders. Extensive experiments demonstrate the efficacy of the proposed dataset and techniques, offering novel perspectives for advancing multimodal reasoning.