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Linked files retain the reference to the external files and will update when the Revit model is reopened or the linked file is reloaded.
Imported files become a part of the Revit model and lose any connection to the source. The same applies to linked Revit files that are bound into the model. You will as a result notice that the elements of the imported/bound files are editable while the linked files can only be selected and moved around as a whole.
Importing is a one-way method where the drawings will be sent from autocad and won't automatically change in revit if there were any changes in the autocad file. While if you link them the linked drawings will update as soon as there is a change in the original autocad file.
Linked files retain the reference to the external files and will update when the Revit model is reopened or the linked file is reloaded.
Imported files become a part of the Revit model and lose any connection to the source.
Linking a CAD file: any updates done on the CAD file afterward will reflect on the one inside the Revit.
Importing CAD file: whatever you do to the CAD file afterward have nothing to do with what you imported in the Revit.