An exact match lookup system includes a hash function that generates a hash value in response to an input hash key. The hash value is used to retrieve a hash bucket index value from a hash bucket index table. The hash bucket index value is used to retrieve a plurality of hash keys from a plurality of hash bucket tables, in parallel. The retrieved hash keys are compared with the input hash key to identify a match. Hit logic generates an output index by concatenating the hash bucket index value with an address associated with the hash bucket table that provides the matching hash key. An exact match result is provided in response to the output index. A content addressable memory (CAM) may store hash keys that do not fit in the hash bucket tables.