A dynamically typed language is one where the type of a variable is determined at runtime, rather than at compile time. This means that you can assign different types of values to the same variable throughout the program. For example, a variable can hold an integer value at one point and a string value at another without any errors. In dynamically typed languages like Python or JavaScript, developers enjoy greater flexibility and faster coding. However, this can also lead to runtime errors if a variable is used inappropriately, as the language does not enforce type checks until the code is executed.