In this work, we introduce KnitKit, a flexible and customizable system for the computational design and production of functional, multi-material, and three-dimensional knitted textiles. Our system greatly simplifies the knitting of 3D objects with complex, varying patterns that use multiple yarns and stitch patterns by separating the high-level design specification in terms of geometry, stitch patterns, materials, or colors from the low-level, machine specific knitting instruction generation. Starting from a triangular 3D mesh and a 2D texture that specifies knitting patterns on top of the geometry, our system generates the required machine instructions in three major steps. First, the input is processed and the KnitNet data structure is generated. This graph structure serves as an abstract interface between the high-level geometric and knitting configuration and the low-level, machine-specific knitting instructions. Second, a graph rewriting procedure is applied on the KnitNet that produces a sequence of abstract machine actions. Finally, the low-level machine instructions are generated by adapting those abstract actions to a specific machine context. We showcase the potential of this computational approach by designing and fabricating a variety of objects with complex geometries, multiple yarns, and multiple stitch patterns.