The dynamic Allan variance (DAVAR) measures the stability variations of precise clocks and oscillators. When an anomaly occurs, the DAVAR changes with time, its shape depending on the anomaly. In this work, we first discuss our current knowledge about the DAVAR, by focusing on the meaning of dynamic stability. Then, we extend our knowledge by obtaining additional properties of the DAVAR. Furthermore, we visually investigate the DAVAR for the main anomalies of precise clocks and oscillators. Finally, we review a variety of applications based on the DAVAR.