The XLOOKUP function is a relatively new addition to Excel and replaces the VLOOKUP and HLOOKUP functions, although you can still use those. There are extra features as well as being easier to use and simpler to understand. It gives you an option for what to do if there is no match found and unlock the other lookup functions mentioned it can look to the left of the array or above it which was not possible before.
Other tutorials mentioned in this video:
Related videos: VLOOKUP tutorial
Combining HLOOKUP and VLOOKUP functions