Collaborative Filtering (CF) typically suffers from the significant challenge of popularity bias due to the uneven distribution of items in real-world datasets. This bias leads to a significant accuracy gap between popular and unpopular items. It not only hinders accurate user preference understanding but also exacerbates the Matthew effect in recommendation systems. To alleviate popularity bias, existing efforts focus on emphasizing unpopular items or separating the correlation between item representations and their popularity. Despite the effectiveness, existing works still face two persistent challenges: (1) how to extract common supervision signals from popular items to improve the unpopular item representations, and (2) how to alleviate the representation separation caused by popularity bias. In this work, we conduct an empirical analysis of popularity bias and propose Popularity-Aware Alignment and Contrast (PAAC) to address two challenges. Specifically, we use the common supervisory signals modeled in popular item representations and propose a novel popularity-aware supervised alignment module to learn unpopular item representations. Additionally, we suggest re-weighting the contrastive learning loss to mitigate the representation separation from a popularity-centric perspective. Finally, we validate the effectiveness and rationale of PAAC in mitigating popularity bias through extensive experiments on three real-world datasets. Our code is available at https://github.com/miaomiao-cai2/KDD2024-PAAC.