This lecture discusses the principles of dynamic memory management in programming, focusing on the use of allocation functions like calloc and malloc. The instructor explains the importance of freeing allocated memory using the free function, emphasizing that once memory is no longer needed, it should be returned to the system for reuse. The lecture highlights the risks associated with failing to free memory, which can lead to memory leaks and inefficient program performance. The instructor advises that after freeing a pointer, it is prudent to set it to NULL to avoid accidental access to freed memory. A clear distinction is made between freeing a pointer and freeing the memory it points to, clarifying that the pointer itself remains unchanged after the operation. The lecture concludes with a strict rule that every memory allocation must have a corresponding free, reinforcing the need for careful memory management in programming practices.