Research findings reported to date indicate that carefully planning speech while performing a task increases second language (L2) learners’ attention to formal aspects of their discourse. The evidence, however, is mostly based on performance analysis with respect to the linguistic measures of complexity, accuracy, and fluency. To enhance the psycholinguistic validity of current findings, the present research adopted a process-product approach to analyze L2 learners’ performance and attention shift as indicated by the occurrence of pauses in their speech. The study involved thirty Iranian learners of English as a foreign language (EFL) who were divided into two groups of fifteen. Whereas participants in the first group were given unlimited time to carefully plan while performing a narrative task, their counterparts in the other group completed the same task under time constraint. Following participants’ performance, both performance analysis and retrospective interviews were conducted to collect their protocol data. The results revealed that carefully planned speech is characterized by increased complexity and accuracy and reduced fluency stemming from attention being primarily focused on syntactic encoding, lexical choice, and phonology instead of conceptualizing the message. The outcomes are discussed in light of their theoretical and pedagogical implications.