Open knowledge graph (OpenKG) link prediction aims to predict missing factual triples in the form of (head noun phrase, relation phrase, tail noun phrase). Since triples are not canonicalized, previous methods either focus on canonicalizing noun phrases (NPs) to reduce graph sparsity, or utilize textual forms to improve type compatibility. However, they neglect to canonicalize relation phrases (RPs) and triples, making OpenKG maintain high sparsity and impeding the performance. To address the above issues, we propose a Canonicalization-Enhanced Known Fact-Aware (CEKFA) framework that boosts link prediction performance through sparsity reduction of RPs and triples. First, we propose a similarity-driven RP canonicalization method to reduce RPs' sparsity by sharing knowledge of semantically similar ones. Second, to reduce the sparsity of triples, a known fact-aware triple canonicalization method is designed to retrieve relevant known facts from training data. Finally, these two types of canonical information are integrated into a general two-stage re-ranking framework that can be applied to most existing knowledge graph embedding methods. Experiment results on two OpenKG datasets, ReVerb20K and ReVerb45K, show that our approach achieves state-of-the-art results. Extensive experimental analyses illustrate the effectiveness and generalization ability of the proposed framework.