In network communication field, routing protocols have got a significant role which are not only used in networks to handle the user data but also to monitor the different network environments. Dynamic routing protocols such as OSPF, EIGRP and RIP are used for forwarding user data to its destination by instantly detecting the dynamic changes across the network. The dynamic changes in the network can be in the form of topological changes, congestions, links failure etc. Therefore, it becomes a challenge to develop and implement dynamic routing protocols that fulfills the network requirements. Hence, each routing protocol has its own characteristics such as convergence activity, routing metric, routing table etc. and will perform differently in various network environments. This paper presents a comprehensive study of static and dynamic routing, along with dynamic routing protocols. Experiments that are conducted under various network limitations are presented using the OPNET tool. The performance of each of dynamic routing protocols are monitored and explained in the form of simulated results using network parameters. The results are analyzed, in order to provide a clear understanding of each protocol performance for the selection of the proper protocol for a given network environment.