This article studies the problem of semi-supervised learning on graphs, which aims to incorporate ubiquitous unlabeled knowledge (e.g., graph topology, node attributes) with few-available labeled knowledge (e.g., node class) to alleviate the scarcity issue of supervised information on node classification. While promising results are achieved, existing works for this problem usually suffer from the poor balance of generalization and fitting ability due to the heavy reliance on labels or task-agnostic unsupervised information. To address the challenge, we propose a dual-channel framework for semi-supervised learning on Graphs via Knowledge Transfer between independent supervised and unsupervised embedding spaces, namely, GKT. Specifically, we devise a dual-channel framework including a supervised model for learning the label probability of nodes and an unsupervised model for extracting information from massive unlabeled graph data. A knowledge transfer head is proposed to bridge the gap between the generalization and fitting capability of the two models. We use the unsupervised information to reconstruct batch-graphs to smooth the label probability distribution on the graphs to improve the generalization of prediction. We also adaptively adjust the reconstructed graphs by encouraging the label-related connections to solidify the fitting ability. Since the optimization of the supervised channel with knowledge transfer contains that of the unsupervised channel as a constraint and vice versa, we then propose a meta-learning-based method to solve the bi-level optimization problem, which avoids the negative transfer and further improves the model’s performance. Finally, extensive experiments validate the effectiveness of our proposed framework by comparing state-of-the-art algorithms.