This research examines the role of teachers' content knowledge during the implementation of mathematics education reform. Current mathematics education reform efforts require teachers to learn in the act of teaching. I claim that this learning occurs as teachers negotiate among 3 areas of their content knowledge: their understanding of the subject matter, view of the curriculum materials, and knowledge of student learning. The data for this study come from observations and videotapes of 2 teachers implementing a reform-based linear-functions unit in a high school algebra class. The focus of the article is a detailed analysis of 1 lesson that illustrates the process through which these negotiations occur and the learning that takes place as a result.