This chapter introduces an assets-oriented oral language formative assessment tool for use with multilingual students. The assessment tool, called the Oral Language Record (OLR), was developed to help teachers listen to, record, and analyze authentic student talk in a variety of settings. It provides valuable information about the vocabulary and language structures that students use, helps determine current instructional needs, provides a frame for capturing student talk, and documents growth over time. The OLR contains a continuum based on observable behaviors and an analysis tool that helps teachers determine next steps in instruction based on their observations. Used in conjunction with a student's writing sample and observation of the child's reading, the OLR provides a holistic view of a multilingual student's language and literacy acquisition, enabling the teacher to focus on the child's linguistic strengths to plan future instruction.