In this paper, the problem of minimum dwell time for the stability and stabilization of switched linear systems is considered. First, using the method of multiple Lyapunov functions, we obtain an estimate for the minimum dwell time(MDT), which assures the exponential stability of switched linear systems. Using the stability result obtained for free system, we then investigate the problem of MDT for stabilization of switched linear control system subject to input constraints. Under certain conditions the exponential stabilization can be achieved by using controls with restricted amplitudes as long as the switching laws satisfy the MDT time requirement. An illustrative example is presented to show the validity of the results.