Click-through logs over query-document pairs provide rich and valuable information for multiple tasks in information retrieval. This paper proposes a vector propagation algorithm on the click graph to learn vector representations for both queries and documents in the same semantic space. The proposed approach incorporates both click and content information, and the produced vector representations can directly improve ranking performance for queries and documents that have been observed in the click log. For new queries and documents that are not in the click log, we propose a two-step framework to generate the vector representation, which significantly improves the coverage of our vectors while maintaining the high quality. Experiments on Web-scale search logs from a major commercial search engine demonstrate the effectiveness and scalability of the proposed method. Evaluation results show that NDCG scores are significantly improved against multiple baselines by using the proposed method both as a ranking model and as a feature in a learning-to-rank framework.