<p>Dynamic reconstruction of the catalyst under operating conditions is crucial for the rational design of a catalyst to improve the catalytic performance. Previous reviews mainly focused on in situ characterizations of the phenomenon, and this review emphasizes the relationship between the phenomenon and the catalytic performance. Specifically, this review subdivides the dynamic reconstruction of the metal-based catalyst into four main classes, including sintering/redispersion, surface segregation, reshaping, and composition evolution. The relationship is discussed between these changes and the catalytic performance, including catalytic conversion, product selectivity, and reaction mechanism. We believe that the dynamic reconstruction is derived from the redox reagent under thermal and pressure environments. The dynamic reconstruction affects the exposed area, specific crystal facet, element valence, and multi-metallic interaction of active species in a catalyst. These changes are firmly related to the catalytic performance. Finally, we put forward the challenge and potential solutions for further development of dynamic reconstruction and catalyst science.</p>