Consistent growth in the volume and dynamic behavior of traffic mandates new requirements for fast and adaptive resource allocation in metro networks. We propose a dynamic resource allocation technique for adaptive minimization of spectrum usage in metro elastic optical networks. We consider optical transmission as a service specified by its bandwidth profile parameters, which are minimum, average, and maximum required transmission rates. To consider random traffic events, we use a stochastic optimization technique to develop a novel formulation for dynamic resource allocation in which service level specifications and network stability constraints are addressed. Next, we employ the elegant theory of Lyapunov optimization to solve the stochastic optimization problem and derive a fast integer linear program, which is periodically solved to create an adaptation between available resources and dynamic network state. To quantize the performance of the proposed technique, we report its spectral efficiency as a function of peak to average traffic ratio and Lyapunov penalty coefficient. Simulation results show that the dynamic resource allocation procedure can improve spectral efficiency by a factor of 3.3 for a peak to average traffic ratio of 1.37 and a Lyapunov penalty coefficient of 10 3 in comparison with fixed network planning. There is also a trade-off between transmission delay and spectrum utilization in the proposed technique, which can be adjusted by a Lyapunov penalty coefficient.