What is the difference between Lookup and Value Set

A "lookup type" consists of lookups that are static values in a list of values. Lookup code validation is a one to one match.

A table-validated "value set" may consist of values that are validated through a SQL statement, which allows the list of values to be dynamic.

Tip

You can define a table-validated value set on any table, including the lookups table. Thus, you can change a lookup type into a table-validated value set that can be used in flexfields.

Area of Difference	Lookup Type	Value Set
List of values	Static	Dynamic if the list is table-validated
Validation of values	One to one match of meaning to code included in a lookup view, or through the determinant of a reference data set	Validation by format or inclusion in a table
Format type of values	char	varchar2, number, and so on
Length of value	Text string up to 30 characters	Any type of variable length from 1 to 4000
Duplication of values	Never. Values are unique.	Duplicate values allowed
Management	Both administrators and end-users manage these, except system lookups or predefined lookups at the system customization level, which can't be modified.	Usually administrators maintain these, except some product "flexfield" codes, such as GL for Oracle Fusion General Ledger that the end-users maintain.

Both lookup types and value sets are used to create lists of values from which users select values.

A lookup type cannot use a value from a value set. However, value sets can use standard, common, or "set-enabled"lookups.