The Challenge
In SharePoint, you have the ability to create a column using the Lookup field data type which will allow you to build a relationship in to another List. This gives you one-to-many and many-to-many relationships. The challenge most people have with this feature is its perceived ability to link only Lists that reside in the same Site.

The Strategy
The strategy for solving this is to use Site Columns and Content Types. You can create a Site Column in one Site and use it in a child-site. The Lookup Site Column in the parent site will reference a List in that Site and be associated with a List Content Type that is created in a child-site. Refer to the solution below for a step-by-step example.
Overview
The solution below uses the basic Site Column and Content Type features that are available out-of-the-box. Below is an overview of the steps that will be taken.
Create a Projects Site.
Create a Project Portfolio Item Content Type.
Create a Project Portfolios List and associate the Project Portfolio Item Content Type to it.
Create a Site Column, of the Lookup type, that points to the Project # in the Project Portfolios list.
Create a Project Site; used to manage a Project.

Figure 1 – Example Site Structure for Managing IT Projects
Please Download the Article to read all the steps for building this example...