Runtime describes software/instructions that are executed while your program is running, especially those instructions that you did not write explicitly, but are necessary for the proper execution of your code.

Low-level languages like C have very small (if any) runtime. More complex languages like Objective-C, which allows for dynamic message passing, have a much more extensive runtime.

You are correct that runtime code is library code, but library code is a more general term, describing the code produced by any library. Runtime code is specifically the code required to implement the features of the language itself.

runtime library

runtime library 是被编译器使用，将（通过特定编程语言实现的）函数执行的库。

In computer programming, a runtime library is a special program library used by a compiler, to implement functions built into a programming language, during the runtime (execution) of a computer program. This often includes functions for input and output, or for memory management.

run-time system

A run-time system (also called runtime system or just runtime) is software designed to support the execution of computer programs written in some computer language. The run-time system contains implementations of basic low-level commands and may also implement higher-level commands and may support type checking, debugging, and even code generation and optimization. Some services of the run-time system are accessible to the programmer through an application programming interface, but other services (such as task scheduling and resource management) may be inaccessible.