Internet of Things (IoT) devices possess valuable yet private multimodal data, calling for a decentralized machine learning scheme. Though several multimodal federated learning (MFL) methods have been proposed, most of them merely overlook the system heterogeneity across IoT devices, resulting in the inadaptability to real world applications. Aiming at this, we conduct theoretical analysis and exploration experiments on straggler impacts and uncover the fact that stragglers caused by system heterogeneity are fatal to MFL, resulting in catastrophic time overhead. Motivated by this, we propose a novel Multimodal Federated Learning with Accelerated Knowledge Distillation (MFL-AKD) framework, which is the first attempt to integrate knowledge distillation to combat stragglers in complex multimodal federated scenarios. Concretely, given the pretrained large-scale vision-language models deployed in the central server, we apply a fast knowledge transfer mechanism to conduct early training of local models with part of the local data. The early-trained model is then enhanced through the distillation of the pretrained large model and further trained on the remaining data. Extensive experiments on two datasets for video moment retrieval and two datasets for image-text retrieval demonstrate that our method achieves superior results with high straggler robustness.