Graph Neural Networks (GNNs) have shown promising performance in various graph learning tasks, but at the cost of resource-intensive computations. The primary overhead of GNN update stems from graph propagation and weight transformation, both involving operations on graph-scale matrices. Previous studies attempt to reduce the computational budget by leveraging graph-level or network-level sparsification techniques, resulting in downsized graph or weights. In this work, we propose Unifews, which unifies the two operations in an entry-wise manner considering individual matrix elements, and conducts joint edge-weight sparsification to enhance learning efficiency. The entry-wise design of Unifews enables adaptive compression across GNN layers with progressively increased sparsity, and is applicable to a variety of architectural designs with on-the-fly operation simplification. Theoretically, we establish a novel framework to characterize sparsified GNN learning in view of a graph optimization process, and prove that Unifews effectively approximates the learning objective with bounded error and reduced computational load. We conduct extensive experiments to evaluate the performance of our method in diverse settings. Unifews is advantageous in jointly removing more than 90% of edges and weight entries with comparable or better accuracy than baseline models. The sparsification offers remarkable efficiency improvements including 10-20× matrix operation reduction and up to 100× acceleration in graph propagation time for the largest graph at the billion-edge scale.