From its invention in the middle of the 19th century to the present date, photography has generally been considered as a highly reliable means for capturing data about a wide range of objects and for a huge variety of purposes. Though debated, photography’s relationship with reality is specific and powerful. Because of its long and rich history, photography has encountered many problems and challenges observation methods and practices in management studies. Taking photography as a metaphor for observation in general, this article explores the successive steps of a research project relying on observation. Taking photographs is capturing data; reading photographs is analyzing and interpreting data; and showing photographs is presenting the findings in publications. For each stage of the process, various issues are discussed, drawing on the scientific, forensic, artistic, or vernacular uses of photography. Particular attention is accorded to key examples in the history of photography. This article is an invitation to reflect on observational methods and practices in a non-demonstrative, heuristic manner.