The answer is that it depends. First you need to assess if you have some experience that is a close analog to the experience they need such as an experienced Oracle dev might not get eliminated for a job that asks for SQL Server skills but someone with no database experience would if the skill is a large part of the job.
Next you need to understand the relative importance of the skill given the job description. A position for a web developer who needs to be able to some database querying is far different from a job for a data scientist in terms of how much a company is going to be willing to invest in someone without the skill.
Next you need to look at how many qualifications the job has. Those with a long laundry list of skills are less likely to require every single one of them. But you should have a good percentage of them and those you do have should be the ones most likely to be critical skills.
Next you should assess whether the people with this skill set are going to be common. The usual stack for a C# or Java dev is a relatively common skill set and so there is little chance they would consider people without the usual skills because they will have plenty of people who have all the qualifications to choose from. Looking for work is a competition, if you know you won't be in the running, then there is little point in wasting everyone's time.
Next you need to assess whether, you have some other skill that might mitigate the skill that is missing. For instance, if the job was in the health care industry where there are many regulations that you need to understand to create the software, then missing a technical skill may easily be made up for by having the business domain skill.
So yes there are times when you can be missing some of the skills and still be considered. However, and it is a big however, your chances of being considered are significantly lower than if you had what they are asking for. If you are not even close, your resume will likely never even be read by a human being as many are filtered through automated systems. So don't get your hopes up when applying out of your qualification level.
Another thing to understand is that years of experience counts in at least a general way. I might look at someone with 2.5 years of experience when I need 3 but probably not at an entry level person. Companies do not hire potential except at entry level and they do not hire entry level people for jobs that are beyond the entry level unless it is a really bad company.
If the job requires 5 years of experience and you have none, it is likely a job that you will not be able to do and if the company hires you, then they will stress you out because you can't deliver. Read some of the questions about people who took jobs at startups that should have needed experienced devs and they hired entry level instead and this person straight out of college was expected to perform tasks that might have been daunting for an experienced person. If the job needs a certain level of experience and the people with that experience won't touch it, then there is something wrong. You don't want to be so far out of your skill level that you can't do the work. It's bad for your health and well-being and it is bad for your career.
So my advice to you is to stop dreaming about jobs you would love to have and concentrate on the ones you can do with just a little bit of stretch (always try to have some room to grow in a new position) and getting the solid experience you need to get to that dream job later. In five to ten years you will be able to do the more exciting things and do them successfully rather than failing miserably now because you tried to do something you were no qualified to do.