Assuming you mean a symbolic link, or symlink. The link is just a pointer to the actual file.
Moving the original file will break the link. Moving it back will fix it.
Whether moving the link breaks it depends on whether it points to the absolute or relative path of the original file.
For example, if I create a symlink to file foo with an absolute path like this:
~$ ln -s /home/user/foo bar
bar will always point to foo wherever I move bar.
but if I do a relative path:
bar will only point to foo in the same directory.
If you delete the symlink, it is always easy enough to recreate it, so that is what is usually done.