<p>We propose a dynamic multi-party quantum key exchange (QKE) protocol based on GHZ states to address the challenges of dynamic participation and security in quantum networks. The protocol employs an election algorithm to select initial leaders and primarily uses four-particle GHZ states, with adaptive switching to three-particle GHZ or Bell states as needed. This adaptive resource allocation integrates the strengths of quantum key agreement (QKA) and quantum key distribution (QKD), enhancing scalability and qubit efficiency. During QKA, initial leaders apply Pauli operations on GHZ states to generate correlated keys, while QKD flexibly adjusts to participant numbers to minimize resource consumption. Hash-based verification ensures resistance to common attacks, removes the need for pre-shared keys, and enables secure, scalable key exchange in dynamic multi-party settings.</p>