Due to the significant limitations of static analysis and the dynamic nature of pointers in weakly typed programming languages like C and C++, the points-to sets obtained at compile time are quite conservative. Most static pointer analysis methods trade the precision for the analysis speed. The methods that perform the analysis in a reasonable amount of time are often context and/or flow insensitive. Other methods that are context, flow, and field sensitive have to perform the whole program inter-procedural analysis, and do not scale with respect to the program size. A large class of problems involving optimizations such as instruction prefetching, control and data speculation, redundant load/store instructions removal, instruction scheduling, and memory disambiguation suffer due to the imprecise and conservative points-to sets computed statically. One could possibly live without optimizations, but in domains involving memory security and safety, lack of the precise points-to sets can jeopardize the security and safety. In particular, the lack of dynamic points-to sets drastically reduce the ability to reason about a program's memory access behavior, and thus illegal memory accesses can go unchecked leading to bugs as well as security holes. On the other hand, the points-to sets can be very useful for other domains such as the heap shape analysis and garbage collection. The knowledge of precise points-to sets is therefore becoming very important, but has received little attention so far beyond a few studies, which have shown that the pointers exhibit very interesting behaviors during execution. How to track such behaviors dynamically and benefit from them is the topic covered by this research. In this work, we propose a technique to compute the precise points-to sets through dynamic pointer tracking. First, the compiler performs the pointer analysis to obtain the static points-to sets. Then, the compiler analyzes the program, and inserts the necessary instructions to refine the points-to sets. At runtime, the inserted instructions automatically update the points-to sets. Dynamic pointer tracking in software can be expensive and can be a barrier to the practicality of such methods. Several optimizations including removal of redundant update, post-loop update, special pattern driven update removal, pointer initialization update removal, update propagation, invariant removal, and on demand update optimization are proposed. Our experimental results demonstrate that our mechanism is able to compute the points-to sets dynamically with tolerable overheads. Finally, the memory protection and garbage collection work are presented as the consumers of dynamic pointer tracking to illustrate its importance. In particular, it is shown how different memory properties can be easily tracked using the dynamic points-to sets opening newer possibilities.