We examine the complex nonlinear flow-magnetic field dynamics in magneto-hydrodynamic (MHD) turbulence. Using direct numerical simulations (DNS), we investigate the dynamical interactions subject to the influence of a uniform applied background magnetic field. The initial magnetic and kinetic Reynolds numbers (based on Taylor microscale) are 45 and there are no initial magnetic field fluctuations. The sum total of turbulent magnetic and kinetic energies decays monotonically. With time, the turbulent magnetic fluctuations grow by extracting energy from velocity fluctuations. Expectedly, the distribution of energy between kinetic and magnetic fluctuations exhibits large periodic oscillations from the equipartition state due to Alfvén waves. We perform a detailed analysis of the flow-magnetic field coupling and posit a simple model for the energy interchange. Such dynamical analysis can provide the insight required for turbulence control and closure modeling strategies.