In this article we review the evidence of the impact of lesson study on student learning, teacher development, teaching materials, curriculum, professional learning and system enhancement. We argue for lesson study to be treated holistically as a vehicle for development and improvement at classroom, school and system levels rather than as a curricular or pedagogical intervention. We illustrate the need for this approach to evaluating lesson study through a complex case exemplar which used Research Lesson Study (a form of lesson study popular in the UK and Europe) to develop learning, teaching, curriculum and local improvement capacity across schools initially involved in a two‐year mathematics curriculum development project that later evolved into three self‐sustaining, voluntary lesson study school hubs in London. We discuss resulting changes in culture, practice, belief, expectation and student learning. We argue as a result for greater policy level understanding of this expanded conception of lesson study as a vehicle in classroom, school and system transformation.