There is increasing adoption of artificial intelligence in drug discovery. However, existing works use machine learning to mainly utilize the chemical structures of molecules yet ignore the vast textual knowledge available in chemistry. Incorporating textual knowledge enables us to realize new drug design objectives, adapt to text-based instructions, and predict complex biological activities. We present a multi-modal molecule structure-text model, MoleculeSTM, by jointly learning molecule's chemical structures and textual descriptions via a contrastive learning strategy. To train MoleculeSTM, we construct the largest multi-modal dataset to date, namely PubChemSTM, with over 280K chemical structure-text pairs. To demonstrate the effectiveness and utility of MoleculeSTM, we design two challenging zero-shot tasks based on text instructions, including structure-text retrieval and molecule editing. MoleculeSTM possesses two main properties: open vocabulary and compositionality via natural language. In experiments, MoleculeSTM obtains the state-of-the-art generalization ability to novel biochemical concepts across various benchmarks.