Recently, text-to-molecule models have shown great potential across various chemical applications, e.g., drug-discovery. These models adapt language models to molecular data by representing molecules as sequences of atoms. However, they rely on atom-level tokenizations, which primarily focus on modeling local connectivity, thereby limiting the ability of models to capture the global structural context within molecules. To tackle this issue, we propose a novel text-to-molecule model, coined Context-Aware Molecular T5 (CAMT5). Inspired by the significance of the substructure-level contexts in understanding molecule structures, e.g., ring systems, we introduce substructure-level tokenization for text-to-molecule models. Building on our tokenization scheme, we develop an importance-based training strategy that prioritizes key substructures, enabling CAMT5 to better capture the molecular semantics. Extensive experiments verify the superiority of CAMT5 in various text-to-molecule generation tasks. Intriguingly, we find that CAMT5 outperforms the state-of-the-art methods using only 2% of training tokens. In addition, we propose a simple yet effective ensemble strategy that aggregates the outputs of text-to-molecule models to further boost the generation performance.