Multimedia content offers additional context for recommender systems to better understand user interests. Existing studies on multimodal recommendation primarily focus on constructing item-item semantic graphs. However, most of these methods capture only shallow semantic structures based on feature similarity and struggle to model more complex or cross-entity semantic relationships (e.g., user-item). Moreover, in these methods, collaborative signals often dominate and suppress semantic knowledge, which limits its role in representation learning. To address these issues, we propose SCALE, a novel framework that combines $\underline{S}$ubspace-aware graph $\underline{C}$onstruction and contrastive $\underline{A}$lignment for multimoda$\underline{L}$ recommendation with large languag$\underline{E}$ models. Specifically, we first use large language models and encoders to extract user and item features. Following the subspace clustering assumption, we apply the Orthogonal Matching Pursuit algorithm to mine complex semantic structures within the item-item, user-user, and user-item spaces, and integrate them into a unified semantic graph. We then perform graph convolution on both the semantic and interaction graphs, and aggregate the results for recommendation. Furthermore, contrastive losses are employed to enhance semantic fusion and alignment. Extensive experiments on five real-world datasets demonstrate that SCALE significantly outperforms state-of-the-art multimodal recommendation models, highlighting its effectiveness in modeling complex relationships and integrating semantic knowledge with collaborative signals. The source code is provided in the supplementary material.