Multi-modal large language models (MLLMs) have shown promise in advancing healthcare. However, most existing models remain confined to single-image understanding, which greatly limits their applicability in clinical workflows. In practice, medical diagnosis and progression often require synthesizing information across multiple images from different modalities or time points. The development of medical MLLMs capable of such multi-image understanding has been hindered by the lack of large-scale, high-quality annotated training data. To address this limitation, we propose a novel framework that leverages license-permissive compound images in biomedical literature, as a rich yet underutilized data source for multi-image analysis. Specifically, we design a five-stage, context-aware instruction generation paradigm underpinned by a divide-and-conquer strategy. By decomposing multi-image analysis into manageable sub-tasks, this paradigm empowers MLLMs to move beyond single-panel analysis and provide a composite understanding by learning the complex spatial, temporal, and cross-modal relationships inherent in these compound figures. By parsing over 237,000 compound figures and their contextual text for instruction generation, we develop M3LLM, a medical multi-image multi-modal large language model. For benchmarking, we construct PMC-MI-Bench for composite understanding, manually validated by medical experts. Extensive experiments show that M3LLM significantly outperforms both general-purpose and specialized medical MLLMs across multi-image, single-image, text-only, and multi-choice scenarios. Notably, M3LLM exhibits strong generalization to longitudinal chest X-ray analysis using the MIMIC dataset. This work establishes a scalable and efficient paradigm for developing medical MLLMs capable of composite reasoning, bridging the gap between biomedical literature and real-world clinical applications.