Smalltalk, one of the seminal, dynamic languages has a compilation step. It happens inline everytime you save a method. Lisp can both be dynamic and compiled.

Smalltalk, one of the seminal, dynamic languages has a compilation step. It happens inline everytime you save a method. Lisp can both be dynamic and compiled. Many dynamic languages---Python, Ruby, et all--on JVM or CLR have a compilation step. They compile to byte code that the VM then runs.