Deep neural network based image classification methods usually require a large amount of training data and lack interpretability, which are critical in the medical imaging domain. In this paper, we develop a novel knowledge distillation and model interpretation framework for medical image classification that jointly solves the above two issues. Specifically, to address the data-hungry issue, we propose to learn a small student model with less data by distilling knowledge only from a cumbersome pretrained teacher model. To interpret the teacher model as well as assisting the learning of the student, an explainer module is introduced to highlight the regions of an input medical image that are important for the predictions of the teacher model. Furthermore, the joint framework is trained by a principled way derived from the information-theoretic perspective. Our framework performance is demonstrated by the comprehensive experiments on the knowledge distillation and model interpretation tasks compared to state-of-the-art methods on a fundus disease dataset.