Link Time is a phase in the software development process where different pieces of code are combined into a single executable program. This process occurs after the compilation of source code, where individual files are transformed into object files. During Link Time, the linker resolves references between these object files, ensuring that functions and variables are correctly connected. The linker also includes necessary libraries and optimizes the final output. This step is crucial for creating a functional application, as it ensures that all components work together seamlessly. Without Link Time, the program would not run correctly, as it would lack the necessary connections between its parts.