Pretrained large-scale vision-language models such as CLIP have demonstrated excellent generalizability over a series of downstream tasks. However, they are sensitive to the variation of input text prompts and need a selection of prompt templates to achieve satisfactory performance. Recently, various methods have been proposed to dynamically learn the prompts as the textual inputs to avoid the requirements of laboring hand-crafted prompt engineering in the fine-tuning process. We notice that these methods are suboptimal in two aspects. First, the prompts of the vision and language branches in these methods are usually separated or uni-directionally correlated. Thus, the prompts of both branches are not fully correlated and may not provide enough guidance to align the representations of both branches. Second, it's observed that most previous methods usually achieve better performance on seen classes but cause performance degeneration on unseen classes compared to CLIP. This is because the essential generic knowledge learned in the pretraining stage is partly forgotten in the fine-tuning process. In this paper, we propose Co-Articulated Multi-Modal Learning (COMMA) to handle the above limitations. Especially, our method considers prompts from both branches to generate the prompts to enhance the representation alignment of both branches. Besides, to alleviate forgetting about the essential knowledge, we minimize the feature discrepancy between the learned prompts and the embeddings of hand-crafted prompts in the pre-trained CLIP in the late transformer layers. We evaluate our method across three representative tasks of generalization to novel classes, new target datasets and unseen domain shifts. Experimental results demonstrate the superiority of our method by exhibiting a favorable performance boost upon all tasks with high efficiency. Code is available at https://github.com/hulianyuyy/COMMA.