A complex relationship between the semantic and the dynamic web is derived based on the concepts of ontology engineering. The resultant complex relationship can then be used to construct new generation intelligent agent-based software. Although the World Wide Web (WWW) was originally designed as a distributed information space that supported human navigation through related linked documents, the machine or software agent based assistance has been hindered by the type of markup used within the documents. Our derived relationship can show that how the dynamic semantics of the web enables software agents to derive underlying semantics on the basis of common ontologies and common agreed semantic to generate and process the semantics dynamically. In addition, an ontological relationship between the static and the dynamic semantics of the web is also presented. The Ontological view of this concept highlights the need of dynamic web semantics. Also, we show that how the dynamic semantics will be enabled by and useful to the new generation of the intelligent agent software that will increasingly inhabit the web in the coming years.