The development of information system is in the critical stage from perceptual intelligence to cognitive intelligence. Traditional information systems are difficult to meet the development requirements, and digital transformation is imperative. Digital thread is a full-life-cycle data processing framework that maps and analyzes the physical world and digital space by connecting data from different life cycle stages. Knowledge graph is a structured semantic knowledge base that describes concepts and relationships in the physical world in the form of symbols, forming systematic construction and reasoning process driven by knowledge. Both of them are of great significance to the research of knowledge enabled information system. This study reviews the current research status, development and challenges of the new generation knowledge enabled information system. First, starting from the digital thread system, the concept and development of digital thread, the six-dimensional data structure and six data processing stages of digital thread are introduced. Then, the generally accepted definitionand the development of knowledge graph system are given, and the structure and methods of knowledge graph are summarized. Finally, the direction of combining digital thread with knowledge graph is analyzed and explored, the benefits of KG4DT (knowledge graph for digital thread) and DT4KG (digital thread for knowledge graph) are listed, and the open questions are raised about the new generation of knowledge enabled information systems in the future.