In computing, a dynamic linking is the process of an operating system (OS) that loads (copies from persistent storage to RAM) and links (fills jump tables and relocates pointers) the shared libraries needed by an executable at run time, that is, when it is executed. The specific operating system and executable format determine how the dynamic linker functions and how it is implemented. Linking is often referred to as a process that is performed at compile time of the executable while a dynamic linker is in actuality a special loader that loads external shared libraries into a running process and then binds those shared libraries dynamically to the running process. The specifics of how a dynamic linker functions is operating-system dependent.
In case of dynamic linking the linker while creating the exe does minimal work.For the dynamic linker to work it actually has to load the libraries too.Hence it's also called linking loader.