Due to the increasing use of RDF data, efficient processing of SPARQL queries over RDF datasets has become an important issue. However, existing solutions suffer from two limitations: 1) they cannot answer SPARQL queries with wildcards in a scalable manner; and 2) they cannot handle frequent updates in RDF repositories efficiently. Thus, most of them have to reprocess the dataset from scratch. In this paper, we propose a graph-based approach to store and query RDF data. Rather than mapping RDF triples into a relational database as most existing methods do, we store RDF data as a large graph. A SPARQL query is then converted into a corresponding subgraph matching query. In order to speed up query processing, we develop a novel index, together with some effective pruning rules and efficient search algorithms. Our method can answer exact SPARQL queries and queries with wildcards in a uniform manner. We also propose an effective maintenance algorithm to handle online updates over RDF repositories. Extensive experiments confirm the efficiency and effectiveness of our solution.