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I need to replicate Edit Address functionality on Transaction Record, means When user select drop down from the line a pop up should appears and which will ask user to enter some information which then get saved in some custom fields, Can someone help me how I can implement that? I know it looks simple but I am stuck.

easiest is probably to make your field a list/record field whose source is a custom record

when the user clicks new, you get a nice popup to fill in the fields on the custom record

That's sounds interesting, can you explain me more?

<https://system.netsuite.com/app/help/helpcenter.nl?fid=section_N2876492.html|Create a Custom Record>, <https://system.netsuite.com/app/help/helpcenter.nl?fid=section_N2878340.html|add fields> to it that match your custom fields

then on your transaction line field, make it a List/Record type whose List/Record is your new custom record type

now, when you are creating your transaction and set that line custom field, you can select new and netsuite will open a new window to setup that new custom record