At Ignite 2021 Microsoft announced that Microsoft Lists is getting a new Modern Lookup Columns feature. Microsoft has now announced details regarding its roll-out.
Lookup columns will allow you to connect a list to a column from another list you have on your site. Once connected, you can easily “lookup” other information and include this in your new list. This makes it easy to maintain team-level, centralized lists that contain information you use repeatedly.
Users will be able to create look up columns in modern list and document library UI.
For Targeted Release, the feature will begin rolling out in late November and is expected to complete rollout mid-December. Standard Release users will see it rolling out in late December and the rollout is expected to be completed by late January.
Once complete, users will see “look up” column as an option in column creation for lists and document libraries.