Open your document and select the text that you would like to insert a link into.

With your text highlighted, right click to bring up the options menu.

Select Insert Link from the menu that pops up.

You can type an address or select from the suggested options. 

consectetur - Wiktionary, the free dictionary

You can also add a link to text with a keyboard shortcut.

Google Docs is a cloud-based document editing and collaboration platform. Learn how to change your doc margins, delete pages from docs, strikethrough text, and much more.

docs.google.com

There may be many instances in which you would like to add a link to your Google document. You can add links to websites, other documents, or other apps. We'll show you how to add a link to a page in Google Docs.

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