hyperlink

Use hyperlink or link to describe text or a graphic that readers can select to go to another document, to another place within the same document, or to a webpage. Use hyperlink to refer to a UI element labeled hyperlink.

Don't use hot spot, hot link, or shortcut to refer to a link.

Use go to to describe the process of going to another document, place, or webpage. Don't use click or click on.

Use create to describe writing the HTML code that forms the link.

In content for web designers, it's OK to use followed link to refer to a destination that the reader has already visited. Don't use in content for other audiences.

Examples
Select the link to go to another webpage.
On the Insert tab, select Hyperlink in the Links group.

See also URLs and web addresses, Describing interactions with UI