It depends on how you format your field to use the value list as to how you set out to do this.
If you use a pop up menu or drop down list, you can put both sets of values into parallel fields in a separate table. Then set up your value list with the "use values from fields" option. Select the "code" field for column1 and the "description" field for column 2. You'll find an option that hides the first column. If you use the pop up menu option, you are done. If you use drop down list, you'll see the code value appear in the field when you exit the field unless you take additional steps to deal with that.
Here's two approaches: both start by defining a relationship between the table where this drop down list formatted field is defined and your table of values that matches on the code fields.
Method 1: Put the related description field from the value table next to your drop down list field.
Method 2: Put the relatd description field from the value table on top of your value list field. Use behavior settings to deny access to this field when in browse mode. Give it an opaque fill color so that you can't see the code field with the drop down list underneath it. When you click on this field in browse mode, the drop down list formatted code field pops to the front and deploys a value list. When you exit the field, it dissappears back behind the description field.
If you want to use other formats such as radio buttons, you'll need to use other methods--but you'll likely still want that additional table of codes and descriptions.
ok, great, didn't know this option was available. It now shows the CODE value but the list shows description, i think this is sufficient enough.
If you re-read my last post, I gave you a way to show only the description once you exit the field should you choose to design your layout and relationships to support that method.