In this paper we consider the equality sign as a mathematical concept and investigate its meaning, errors made by students, and subject matter knowledge of mathematics teacher in view of The Model of Mathematic al Concept Analysis, arithmetic-algebraic thinking, and some examples. The equality sign = is a symbol most frequently used in school mathematics. But its meanings vary accor ding to situations where it is used, say, objects placed on both sides, and involve not only ordinary meanings but also mathematical ideas. The Model of Mathematical Concept Analysis in school mathematics consists of Ordinary meaning, Mathematical idea, Representation, and their relationships. To understand a mathematical concept means to understand its ordinary meanings, mathematical ideas immanent in it, its various representations, and their relationships. Like other concepts in school mathematics, the equality sign should be also understood and analysed in vie w of a mathematical concept.