The evolution of the solar activity comprises, apart from the well-known 11-year cycle, various temporal scales ranging from months up to the secondary cycles known as mid-term oscillations. Its nature deserves a physical explanation. In this work, we consider the 5-to-6 year oscillations as derived both from sunspot and from solar magnetic dipole time series. Using the solar dynamo model, we deduced that these variations may be a manifestation of the dynamo nonlinearities and non-harmonic shape of the solar activity cycles. We conclude that the observed mid-term oscillations are related to the nonlinear saturation of the dynamo processes in the solar interior.