我考虑了以下替代方案：
- VLOOKUP 数组公式
- 匹配/索引
- VBA（使用字典）
比较的表现是：
- VLOOKUP 简单公式：~10 分钟
- VLOOKUP 数组公式：~10 分钟（1:1 性能指数）
- MATCH / INDEX : ~2 分钟 (5:1 表现指数)
- VBA（使用字典）：~6 秒（100:1 性能指数）
使用相同的参考表
1）查找表：（vlookup数组公式版）
A B
1
2 key51359 {=VLOOKUP(A2:A10001;sheet1!$A$2:$B$100001;2;FALSE)}
3 key41232 formula in B2
4 key10102 ... extends to
... ... ...
99999 key4153 ... cell B100001
100000 key12818 ... (select whole range, and press
100001 key35032 ... CTRL+SHIFT+ENTER to make it an array formula)
100002
2）查找表：（匹配+索引版本）
A B C
1
2 key51359 =MATCH(A2;sheet1!$A$2:$A$100001;) =INDEX(sheet1!$B$2:$B$100001;B2)
3 key41232 =MATCH(A3;sheet1!$A$2:$A$100001;) =INDEX(sheet1!$B$2:$B$100001;B3)
4 key10102 =MATCH(A4;sheet1!$A$2:$A$100001;) =INDEX(sheet1!$B$2:$B$100001;B4)
... ... ... ...
99999 key4153 =MATCH(A99999;sheet1!$A$2:$A$100001;) =INDEX(sheet1!$B$2:$B$100001;B99999)
100000 key12818 =MATCH(A100000;sheet1!$A$2:$A$100001;) =INDEX(sheet1!$B$2:$B$100001;B100000)
100001 key35032 =MATCH(A100001;sheet1!$A$2:$A$100001;) =INDEX(sheet1!$B$2:$B$100001;B100001)
100002
3）查找表：（vbalookup版本）
A B
1
2 key51359 {=vbalookup(A2:A50001;sheet1!$A$2:$B$100001;2)}
3 key41232 formula in B2
4 key10102 ... extends to
... ... ...
50000 key91021 ...
50001 key42 ... cell B50001
50002 key21873 {=vbalookup(A50002:A100001;sheet1!$A$2:$B$100001;2)}
50003 key31415 formula in B50001 extends to
... ... ...
99999 key4153 ... cell B100001
100000 key12818 ... (select whole range, and press
100001 key35032 ... CTRL+SHIFT+ENTER to make it an array formula)
100002
注意：由于某些（外部内部）原因，vbalookup 一次无法返回超过 65536 个数据。所以我不得不将数组公式一分为二。
和相关的 VBA 代码：
Function vbalookup(lookupRange As Range, refRange As Range, dataCol As Long) As Variant
Dim dict As New Scripting.Dictionary
Dim myRow As Range
Dim I As Long, J As Long
Dim vResults() As Variant
' 1. Build a dictionnary
For Each myRow In refRange.Columns(1).Cells
' Append A : B to dictionnary
dict.Add myRow.Value, myRow.Offset(0, dataCol - 1).Value
Next myRow
' 2. Use it over all lookup data
ReDim vResults(1 To lookupRange.Rows.Count, 1 To lookupRange.Columns.Count) As Variant
For I = 1 To lookupRange.Rows.Count
For J = 1 To lookupRange.Columns.Count
If dict.Exists(lookupRange.Cells(I, J).Value) Then
vResults(I, J) = dict(lookupRange.Cells(I, J).Value)
End If
Next J
Next I
vbalookup = vResults
End Function
注意：Scripting.Dictionary需要一个Microsoft Scripting Runtime必须手动添加的引用（Excel VBA 窗口中的工具->引用菜单）
结论 ：
在这种情况下，使用字典的 VBA 比使用 VLOOKUP 快 100 倍，比 MATCH/INDEX 快 20 倍