Dynamic random-access memory (dynamic RAM or DRAM) is a type of random-access semiconductor memory that stores each bit of data in a memory cell, usually consisting of a tiny capacitor and a transistor, both typically based on metal–oxide–semiconductor (MOS) technology. While most DRAM memory cell designs use a capacitor and transistor, some only use two transistors. In the designs where a capacitor is used, the capacitor can either be charged or discharged; these two states are taken to represent the two values of a bit, conventionally called 0 and 1. The electric charge on the capacitors gradually leaks away; without intervention the data on the capacitor would soon be lost. To prevent this, DRAM requires an external memory refresh circuit which periodically rewrites the data in the capacitors, restoring them to their original charge. This refresh process is the defining characteristic of dynamic random-access memory, in contrast to static random-access memory (SRAM) which does not require data to be refreshed. Unlike flash memory, DRAM is volatile memory (as opposed to non-volatile memory), since it loses its data quickly when power is removed. However, DRAM does exhibit limited data remanence.

DRAM typically takes the form of an integrated circuit chip, which can consist of dozens to billions of DRAM memory cells. DRAM chips are widely used in digital electronics where low-cost and high-capacity computer memory is required. One of the largest applications for DRAM is the main memory (colloquially called the RAM) in modern computers and graphics cards (where the main memory is called the graphics memory). It is also used in many portable devices and video game consoles. In contrast, SRAM, which is faster and more expensive than DRAM, is typically used where speed is of greater concern than cost and size, such as the cache memories in processors.

The need to refresh DRAM demands more complicated circuitry and timing than SRAM. This complexity is offset by the structural simplicity of DRAM memory cells: only one transistor and a capacitor are required per bit, compared to four or six transistors in SRAM. This allows DRAM to reach very high densities with a simultaneous reduction in cost per bit. Refreshing the data consumes power, causing a variety of techniques to be used to manage the overall power consumption. For this reason, DRAM usually needs to operate with a memory controller; the memory controller needs to know DRAM parameters, especially memory timings, to initialize DRAMs, which may be different depending on different DRAM manufacturers and part numbers.

DRAM had a 47% increase in the price-per-bit in 2017, the largest jump in 30 years since the 45% jump in 1988, while in recent years the price has been going down. In 2018, a "key characteristic of the DRAM market is that there are currently only three major suppliers — Micron Technology, SK Hynix and Samsung Electronics" that are "keeping a pretty tight rein on their capacity". There is also Kioxia (previously Toshiba Memory Corporation after 2017 spin-off) which doesn't manufacture DRAM. Other manufacturers make and sell DIMMs (but not the DRAM chips in them), such as Kingston Technology, and some manufacturers that sell stacked DRAM (used e.g. in the fastest supercomputers on the exascale), separately such as Viking Technology. Others sell such integrated into other products, such as Fujitsu into its CPUs, AMD in GPUs, and Nvidia, with HBM2 in some of their GPU chips.

The cryptanalytic machine code-named Aquarius used at Bletchley Park during World War II incorporated a hard-wired dynamic memory. Paper tape was read and the characters on it "were remembered in a dynamic store." The store used a large bank of capacitors, which were either charged or not, a charged capacitor representing cross (1) and an uncharged capacitor dot (0). Since the charge gradually leaked away, a periodic pulse was applied to top up those still charged (hence the term 'dynamic')".

In November 1965, Toshiba introduced a bipolar dynamic RAM for its electronic calculator Toscal BC-1411. In 1966, Tomohisa Yoshimaru and Hiroshi Komikawa from Toshiba applied for a Japanese patent of a memory circuit composed of several transistors and a capacitor, in 1967 they applied for a patent in the US.

The earliest forms of DRAM mentioned above used bipolar transistors. While it offered improved performance over magnetic-core memory, bipolar DRAM could not compete with the lower price of the then-dominant magnetic-core memory. Capacitors had also been used for earlier memory schemes, such as the drum of the Atanasoff–Berry Computer, the Williams tube and the Selectron tube.

In 1966, Dr. Robert Dennard invented modern DRAM architecture in which there's a single MOS transistor per capacitor, at the IBM Thomas J. Watson Research Center, while he was working on MOS memory and was trying to create an alternative to SRAM which required six MOS transistors for each bit of data. While examining the characteristics of MOS technology, he found it was capable of building capacitors, and that storing a charge or no charge on the MOS capacitor could represent the 1 and 0 of a bit, while the MOS transistor could control writing the charge to the capacitor. This led to his development of the single-transistor MOS DRAM memory cell. He filed a patent in 1967, and was granted U.S. patent number 3,387,286 in 1968. MOS memory offered higher performance, was cheaper, and consumed less power, than magnetic-core memory. The patent describes the invention: "Each cell is formed, in one embodiment, using a single field-effect transistor and a single capacitor."