Lookups vs Picklists

Lookups

A lookup on a record references a related object record in another object.

A lookup behaves differently - they can reference a large set of records but they are different in the way they are selected.

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Picklists

A picklist does not reference other related object values. It references a simple list of items which are usually stored on the object itself, or might be stored in a global picklist (global picklists became available in 2019).

Picklist values are selected from a drop down list and in some ways easier to select.

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