Abstract In recent years, Network-on-Chip (NoC) based multicore systems have become popular for executing real-time applications. Mapping and scheduling of these applications are critical for system performance. The complexity of the problem increases for dynamic scenarios with real-time applications where new applications unknown at design-time, are submitted by users at runtime. Most of the existing works in this domain either ignore the allocation of communication workload or use estimated network contention while neglecting the impact on timing performance of tasks. In this work, we present an improved algorithm for dynamic task assignment and scheduling with link contention-awareness, which jointly allocates the tasks on the processors of NoC based multicore platform and schedules the communications on on-chip links. It minimizes communication latency and helps to satisfy the deadline of the tasks present in the allocated real-time applications. Experimental results show that the proposed approach achieves 25.3% and 45.6% improvement in task deadline satisfaction and communication latency compared to recent dynamic task allocation approaches while exhibiting 31.2% reduced runtime overhead.