
Is there any way to control of the thumbnail of facebook status update when someone post a link of my website to their FB status? If yes, then can i make it dynamic depending on the link they share?

Is there any way to control of the thumbnail of facebook status update when someone post a link of my website to their FB status? If yes, then can i make it dynamic depending on the link they share?
Yes and it is very easy, on each page simply add the meta tag "og:image" and set the path of your image, "og" stands for OpenGraph. Facebook Documentation
You can also find help on this blog and display a custom title, description, ...
You may also be interested that there is also specific meta tags for links published in Twitter. Twitter documentation.
For your information Facebook cache all the images, so if you change an existing image you may not directly see the new picture
When you are passing the image url pass the dynamic url so that when you alick on any post or page to share on facebook that will share the image of that page not the staic image you entered