How to adapt to the rapidly changing environment to maintain long-term competitive advantage is the core issue of enterprise strategic management. Dynamic capability theory expands the static research perspective of resource-based school, and obtains sustainable competitive advantage in dynamic environment through resource integration and reconstruction, which has attracted more and more attention from academic and business circles. On the basis of analyzing the theoretical origin of dynamic capability theory, this paper systematically reviews the concept connotation, application mechanism, process mechanism, and influencing factors of dynamic capability, and finally points out the shortcomings of existing research on dynamic capability. The summary and analysis of dynamic capability research in this paper has very important reference significance for deepening theoretical research and guiding management practice.