I have a situation where list A has lookup column which looks for data in another list B which has 25000 items, when editing item lookup columns are greyed out, seems its because of exceeding threshold values. Can we use calculated field to achieve this or is therer any other way dealing with this issue ?
You dont have an option out of the box to solve this issue. You must create a custom webpart, read all the lookup values by recursively reading 5000 items and then creating a lookup. But I wonder what is the scenario you would look up 25000 items. Are those items unique or repeating?