News articles usually contain knowledge entities such as celebrities or organizations. Important entities in articles carry key messages and help to understand the content in a more direct way. An industrial news recommender system contains various key applications, such as personalized recommendation, item-to-item recommendation, news category classification, news popularity prediction and local news detection. We find that incorporating knowledge entities for better document understanding benefits these applications consistently. However, existing document understanding models either represent news articles without considering knowledge entities (e.g., BERT) or rely on a specific type of text encoding model (e.g., DKN) so that the generalization ability and efficiency is compromised. In this paper, we propose KRED, which is a fast and effective model to enhance arbitrary document representation with a knowledge graph. KRED first enriches entities' embeddings by attentively aggregating information from their neighborhood in the knowledge graph. Then a context embedding layer is applied to annotate the dynamic context of different entities such as frequency, category and position. Finally, an information distillation layer aggregates the entity embeddings under the guidance of the original document representation and transforms the document vector into a new one. We advocate to optimize the model with a multi-task framework, so that different news recommendation applications can be united and useful information can be shared across different tasks. Experiments on a real-world Microsoft News dataset demonstrate that KRED greatly benefits a variety of news recommendation applications.