The graphic novel format is gaining in popularity and acceptance. However, little is known about how readers make meaning with a graphic novel. This qualitative study investigated how intermediate grade (6th to 8th) readers made meaning with a graphic novel. Reader response theories, semiotics and research on reading strategies formed the study's theoretical framework. Two male and two female participants completed a think-aloud protocol as they read one graphic novel. Data were also collected from a retrospective think-aloud, text specific questions, and an interview. Findings indicated that participants used information from both visual and textual modalities to make meaning. They also employed a variety of reading strategies with both modalities in their reading. Additionally, participants applied their knowledge of graphic novel conventions and general story knowledge, including genre and literary conventions, to make meaning with the graphic novel.