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A holistic review is given of the Southern Ocean dynamic system, in the context of the crucial role it plays in the global climate and the profound changes it is experiencing. The review focuses on connections between different components of the Southern Ocean dynamic system, drawing together contemporary perspectives from different research communities, with the objective of closing loops in our understanding of the complex network of feedbacks in the overall system. The review is targeted at researchers in Southern Ocean physical science with the ambition of broadening their knowledge beyond their specific field, and aims at facilitating better‐informed interdisciplinary collaborations. For the purposes of this review, the Southern Ocean dynamic system is divided into four main components: large‐scale circulation; cryosphere; turbulence; and gravity waves. Overviews are given of the key dynamical phenomena for each component, before describing the linkages between the components. The reviews are complemented by an overview of observed Southern Ocean trends and future climate projections. Priority research areas are identified to close remaining loops in our understanding of the Southern Ocean system. Plain Language Summary: The United Nations has identified 2021–2030 as the Decade of Ocean Science, with a goal to improve predictions of ocean and climate change. Improved understanding of the Southern Ocean is crucial to this effort, as it is the central hub of the global ocean. The Southern Ocean is the formation site for much of the dense water that fills the deep ocean, sequesters the majority of anthropogenic heat and carbon, and controls the flux of heat to Antarctica. The large‐scale circulation of the Southern Ocean is strongly influenced by interactions with sea ice and ice shelves, and is mediated by smaller scale processes, including eddies, waves, and mixing. The complex interplay between these dynamic processes remains poorly understood, limiting our ability to understand, model and predict changes to the Southern Ocean, global climate and sea level. This article provides a holistic review of Southern Ocean processes, connecting the smallest scales of ocean mixing to the global circulation and climate. It seeks to develop a common language and knowledge‐base across the Southern Ocean physical science community to facilitate knowledge‐sharing and collaboration, with the aim of closing loops on our understanding of one of the world's most dynamic regions. Key Points: Contemporary perspectives are reviewed on the different components of the Southern Ocean dynamic system from distinct research communitiesKey connections between different components of Southern Ocean dynamics are highlightedCross‐cutting priorities for future Southern Ocean physical science are identified [ABSTRACT FROM AUTHOR]