Can I link an image without embedding in Mac MS Word 2016?
Insert → Field (from the menu or ribbon).
Choose Links and References → Include Picture.
Add double quotes to the end of the ‘INCLUDEPICTURE’ string and enter the URL of the image.


To prevent Word from caching the picture which would increase the file size, and to require Word to the image to be downloaded each time, choose Options…, then add switch \d.


  \d Graphic data is not stored with the document, reducing the file size. 



Click OK on both dialogs to insert the image.
The image will need to be downloaded by Word, which will likely prompt you to confirm this.