Tokenization is a foundational step in the text process of Large Language Models (LLMs). Texts must be first tokenized into token IDs, which are then input to LLMs. Inefficient tokenization results in long token-ID sequences and will slow down the training and inference of LLMs. The fine-grained knowledge transfer between LLMs, like token-level distillation, is also impeded by the mismatch in vocabulary. To bridge this gap, we introduce a method named TokAlign++ to improve vocabulary adaptation performance by learning better token alignment lexicon. The source and target vocabularies are taken as two different languages, and the bilingual token alignment lexicon is learned from monolingual token representations. Model parameters are rearranged following this bilingual lexicon for new vocabulary, and progressively fine-tuned for adaptation. Experimental results on 15 languages show that our method boosts the multilingual text compression rates and preserves most of the multilingual ability of vanilla models. It costs as few as 1k steps to restore the performance of the vanilla model. After unifying vocabularies between vanilla models, token-level distillation remarkably improves the base model with only 235M tokens.