With the rapid development of Internet and multimedia services in the past decade, a huge amount of user-generated and service provider-generated multimedia data become available. These data are heterogeneous and multi-modal in nature, imposing great challenges for processing and analyzing them. Multi-modal data consist of a mixture of various types of data from different modalities such as texts, images, videos, audios etc. In this article, we present a deep and comprehensive overview for multi-modal analysis in multimedia. We introduce two scientific research problems, data-driven correlational representation and knowledge-guided fusion for multimedia analysis. To address the two scientific problems, we investigate them from the following aspects: 1) multi-modal correlational representation: multi-modal fusion of data across different modalities, and 2) multi-modal data and knowledge fusion: multi-modal fusion of data with domain knowledge. More specifically, on data-driven correlational representation, we highlight three important categories of methods, such as multi-modal deep representation, multi-modal transfer learning, and multi-modal hashing. On knowledge-guided fusion, we discuss the approaches for fusing knowledge with data and four exemplar applications that require various kinds of domain knowledge, including multi-modal visual question answering, multi-modal video summarization, multi-modal visual pattern mining and multi-modal recommendation. Finally, we bring forward our insights and future research directions.