Human-robot collaboration (HRC) allows seamless communication and collaboration between humans and robots to fulfil flexible manufacturing tasks in a shared workspace. Nevertheless, existing HRC systems lack an efficient integration of robotic and human cognitions. Empowered by advanced cognitive computing, this paper proposes a visual reasoning-based approach for mutual-cognitive HRC. Firstly, a domain-specific HRC knowl-edge graph is established. Next, the holistic manufacturing scene is perceived by visual sensors as a temporal graph. Then, a collaborative mode with similar instructions can be inferred by graph embedding. Lastly, mutual-cognitive decisions are immersed into the Augmented Reality execution loop for intuitive HRC support.