Dynamic Memory Allocation is a programming technique that allows a program to request and release memory during its execution. This is useful when the amount of memory needed is not known at compile time. Languages like C and C++ provide functions such as malloc and free to manage memory dynamically. With dynamic memory allocation, developers can create data structures like linked lists and dynamic arrays that can grow or shrink as needed. This flexibility helps optimize memory usage and can improve the performance of applications, especially when handling varying amounts of data.