Whereas combinatorial chemistry is based on extensive libraries of prefabricated molecules, dynamic combinatorial chemistry (DCC) implements the reversible connection of sets of basic components to give access to virtual combinatorial libraries (VCLs), whose constituents comprise all possible combinations that may potentially be generated. The constituent(s) actually expressed among all those accessible is(are) expected to be that(those) presenting the strongest interaction with the target, that is, the highest receptor/substrate molecular recognition. The overall process is thus instructed (target-driven), combinatorial, and dynamic. It bypasses the need to actually synthesize the constituents of a combinatorial library by letting the target perform the assembly of the optimal partner. It comprizes both molecular and supramolecular events. The basic features of the DCC/VCL approach are presented together with its implementation in different fields and the perspectives it offers in a variety of areas of science and technology, such as the discovery of biologically active substances, of novel materials, of efficient catalysts, and so forth. Finally, it participates in the progressive development of an adaptive chemistry.