Policy is compiled using a Makefile and running make in the policy source directory. The various .fc and .te files are concatenated and any macros within them are expanded to produce the policy.conf file, which is then compiled into a policy.<version> binary policy file.
The policy Makefile accepts one of several targets:
policy - Compiles the policy, but does not install or load it into memory.
install - Compiles and installs policy, but does not load it into memory.
load - Compiles, installs and loads the policy.
reload - Compiles, installs and loads the policy. Currently equivalent to load.
relabel - Relabels the filesystem based on the currently running policy, does not compile or install.