Mr.Excel had an "challenge of the month" June/July 2008 about Wildcard VLOOKUP:

"The data in column A contains a series of phrases. Every phrase contains one color in the phrase. The goal of the challenge is to use the lookup table in D2:E10 to assign the phrase to one of the names in column E."
Source: http://www.mrexcel.com/pc18.shtml

The winner created this formula to return last match in the range: =LOOKUP(2^15,SEARCH(D$2:D$10,A2),E$2:E$10) + Enter.

The third winner used circular reference and iterations to return multiple matches.

How to return multiple matches without circular references

Array formula in cell C2:

Alternative array formula in C2:

Copy cell C2 and paste it right as far as needed. Then copy cells and paste down as far as needed.

How to create an array formula

1. Select cell C2
2. Copy above array formula
3. Paste to formula bar
4. Press and hold Ctrl + Shift
5. Press Enter once
6. Release all keys

How to copy array formula

1. Select cell C2
2. Copy (Ctrl + c)
3. Select cell D2
4. Paste (Ctrl + v)

Download excel sample file for this tutorial.
Copy of challengejune2008.xls
(Excel 97-2003 Workbook *.xls)

Explaining array formula in cell C2

Step 1 - Find text string

COUNTIF($A2,"*"&$F$2:$F$12&"*")

becomes

COUNTIF("the ocean is blue",{"*blue*"; "*red*"; "*yellow*"; "*pink*"; "*orange*"; "*brown*"; "*white*"; "*lavendar*"; "*magenta*"; "*ocean*"; "*shirt*"})

and returns {1; 0; 0; 0; 0; 0; 0; 0; 0; 1; 0}

Step 2 - Convert array to row numbers

IF(COUNTIF($A2,"*"&$F$2:$F$12&"*"), ROW($F$1:$F$11), "")

becomes

IF({1; 0; 0; 0; 0; 0; 0; 0; 0; 1; 0}, {1; 2; 3; 4; 5; 6; 7; 8; 9; 10; 11}, "")

and returns {1; ""; ""; ""; ""; ""; ""; ""; ""; 10; ""}

Step 3 - Return the k-th smallest row number in this data set

SMALL(IF(COUNTIF($A2,"*"&$F$2:$F$12&"*"), ROW($F$1:$F$11), ""), COLUMN(A1))

becomes

SMALL({1; ""; ""; ""; ""; ""; ""; ""; ""; 10; ""},1)

and returns 1.

Step 4 - Return a value or reference of the cell at the intersection of a particular row and column

=INDEX($G$2:$G$12, SMALL(IF(COUNTIF($A2,"*"&$F$2:$F$12&"*"), ROW($F$1:$F$11), ""), COLUMN(A1)))

becomes

=INDEX($G$2:$G$12, 1)

becomes

=INDEX({"Joe"; "Bob"; "Mary"; "Fred"; "Ralph"; "Lora"; "Tracy"; "Earl"; "Jenny"; "John"; "Theresa"}, 1)

and returns "Joe" in cell C2.

Functions in this article:

INDEX(array,row_num,[column_num])
Returns a value or reference of the cell at the intersection of a particular row and column, in a given range

SMALL(array,k) returns the k-th smallest number in this data set.

COUNTIF(range,criteria)
Counts the number of cells within a range that meet the given condition

ROW(reference) returns the rownumber of a reference

MIN(number1,[number2])
Returns the smallest number in a set of values. Ignores logical values and text

IF(logical_test,[value_if:true],[value_if_false])
Checks whether a condition is met, and returns one value if TRUE, and another value if FALSE

ISNUMBER(value)
Checks whether a value is a number and returns TRUE or FALSE

SEARCH(find_text,within_text, [start_num]) Returns the number of the character at which a specific character or text string is first found, reading left to right (not case sensitive)

Related posts:

Vlookup with 2 or more lookup criteria and return multiple matches in excel

Vlookup with multiple matches returns a different value in excel

Explaining a formula: Lookup values in a range using two or more criteria and return multiple matches in excel

Lookup values in a range using two or more criteria and return multiple matches in excel, part 2

Lookup values in a range using two or more criteria and return multiple matches in excel