He was the son of Jeremiah Dyke, minister of Epping, Essex, and was educated first at a private school in the country, and then sent to Sidney Sussex College, Cambridge.
In 1651 he was appointed by Oliver Cromwell one of his chaplains in ordinary, and in 1653 a trier for the approval of ministers, one of a small number of professed baptists on the commission.
He resigned his preferments immediately after the Restoration, asserting that however well disposed the king might be towards dissent, the royalists would insist on the expulsion of the nonconformist clergy and their persecution.
Dyke continued to preach, and, although writs were frequently issued for his apprehension, was never imprisoned longer than a few hours.
In February 1668, after preaching for a year on trial, he was 'set apart' as joint elder with William Kiffin to the baptist congregation at Devonshire Square, London, where he continued until his death in 1688.