This study investigated a highly accomplished third-grade teacher’s noticing of students’ mathematical thinking as she taught multiplication and division. Through an innovative method, which allowed for documenting in-the-moment teacher noticing, the author was able to explore teacher noticing and reflective practices in the context of classroom teaching as opposed to professional development environments. Noticing was conceptualized as both attending to different elements of classroom instruction and making sense of classroom events. The teacher paid most attention to student thinking and was able to offer a variety of rich interpretations of student thinking which were presented in an emergent framework. The results also indicated how the teacher’s noticing might influence her instructional decisions. Implications for both research methods in studying noticing and teacher learning and practices are discussed.