Solution of an ODE - Understanding the question phraseology

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Going through some notes on ODE's, I came across this which I am trying to understand intuitively.

Let $y(t)$ be the solution of \begin{equation} \frac{dy(t)}{dt} = f(y(t),t). \end{equation}

Now the solution of an ODE I understand to be any function that is at least $n$ times differentiable where $n$ is the highest order term in the ODE.

I don't quite understand what the above statement is saying, is the ODE the derivative (LHS) and $y(t)$ is differentiable at least once?

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The ODE is the whole equation, the highest order is one so you are correct that we require $y$ to be differentiable at least once.