This article discusses the concept of mathematical metaphor as a tool for analyzing the formation of mathematical knowledge. It reflects on the work of Lakoff and Núñez as a reference point against which to rearticulate a richer notion of mathematical metaphor that can account for actual mathematical evolution. To reach its goal this article analyzes historical case studies, draws on cognitive research, and applies lessons from the history of metaphors in philosophy as analyzed by Derrida and de Man.