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Recent LLMs exhibit limited effectiveness on molecular property prediction task due to the semantic gap between molecular representations and natural language, as well as the lack of domain-specific knowledge. To address these challenges, we propose MolRAG, a Retrieval-Augmented Generation framework integrating Chain-of-Thought reasoning for molecular property prediction. MolRAG operates by retrieving structurally analogous molecules as contextual references to guide stepwise knowledge reasoning through chemical structure-property relationships. This dual mechanism synergizes molecular similarity analysis with structured inference, while generating human-interpretable rationales grounded in domain knowledge. Experimental results show MolRAG outperforms pre-trained LLMs on four datasets, and even matches supervised methods, achieving performance gains of 1.1%–45.7% over direct prediction approaches, demonstrating versatile effectiveness. Our code is available at https://github.com/AcaciaSin/MolRAG.