In a context of hyper-competition, strong turbulence and globalization, the challenge for today's and tomorrow's companies, especially SMEs, is to know how to sustain their competitive advantages. The works undertaken since then, do not show in a clear way that the dynamic capacities constitute one of the essential pillars, to guarantee the durability of the competitive advantages through the reconfiguration of the resources and competences of the company to face the dynamic and changing characters of the environment. From a methodological approach essentially qualitative, the results obtained reveal that the dynamic capacities can allow the SME to achieve its objectives. To this end, three axes were defined, namely the materialization of the concept of dynamic capabilities, the identification of the criteria of appreciation and the managerial, organizational and environmental factors related to dynamic capabilities. The vague, abstract and multidimensional nature of the concept does not facilitate the understanding of the phenomenon.