A Dynamic Library is a collection of pre-compiled code and resources that can be loaded and executed by programs at runtime. Unlike static libraries, which are linked to a program at compile time, dynamic libraries allow multiple programs to share the same code, reducing memory usage and disk space. This flexibility enables developers to update libraries without needing to recompile the entire application. Dynamic libraries are commonly used in various operating systems, such as Windows and Linux, to provide essential functions and features. They typically have file extensions like .dll for Windows and .so for Linux. This modular approach enhances software development efficiency and promotes code reuse.