It's Lennon, the song is "All You Need Is Love," and you shouldn't expect song lyrics to make perfect sense.
The first line, "There's nothing you can know that isn't known" makes sense to me. The second line doesn't quite make sense, he's just needs a rhyme and a parallel structure. And of course he's already said five different variations of this, "nothing you can do that can't be done, nothing you can sing that can't be sung" and is running out of perfect lines.
"There's nothing you can know that isn't known" means "there's nothing YOU can find out or discover that hasn't already known by something else." It seems pessimistic.
It is very similar in tone to a famous line from the book of Ecclesiastes in the Bible: "What has been will be again, what has been done will be done again; there is nothing new under the sun."
In the context of the song, IN MY OPINION,
Don't be too ambitious, don't too strive for achievement, there's nothing you can add to human achievement. "Love is all you need," concentrate on loving others and don't work too hard on doing, singing, making, saving, knowing, "showing."