When a SharePoint list gets large, you might see warnings such as, “This list exceeds the list view threshold,” or “Displaying the newest results below.”

Solution:

Daily Time Window for Large Queries: This will allow the application to query the Large SharePoint 2010 List during the time set by the administrator. To configure this follow the below steps

  • Open Central Administration site
  • Go to Manage web applications
  • Select the web application you wish to set the Daily Time Window for Large Queries
  • From Ribbon menu under general settings select Resource Throttling
  • From the Resource Throttling page set the Daily Time Window for Large Queries as shown below

Dailywindow1

Dailywindow2

Dailywindow3

Reference:

http://office.microsoft.com/en-in/sharepoint-server-help/sharepoint-lists-v-techniques-for-managing-large-lists-RZ101874361.aspx