Broken Link
A broken link, also called a dead link, is a link that points to a page that no longer exists and therefore answers with a 404 error. Broken links appear when a page is deleted or moved to a new address without a redirect, or when a typo slipped into the link itself.
The damage runs in two directions. For users a broken link is a dead end: they click in good faith, hit an error page and have to find their own way back. For search engines every crawl into a dead end is wasted work, and when other sites link to a page of yours that no longer exists, the value of those backlinks is lost instead of strengthening your SEO.
Two mechanics repair a broken link. Either the link itself is corrected so it points at the right page, or a 301 redirect sends the retired URL on to the closest relevant replacement, so users and link value both follow.
Broken links are a condition of the web rather than a fault that can be cleared once and for all. Your own site changes, and so does every site linking to it, which is why new dead ends keep appearing. Keeping on top of them is a maintenance rhythm rather than a one-off job, and the guide to site health and redirects sets it out.