The Inline Entity Form allows you to edit or create a new referenced node on the same form page as the node that references it. In other words, when you create a new node that has a reference field to another content type, you can directly there create the referenced node and reference it.
So, what if you are writing an article and want to add a related entity reference for which you don’t yet have a node created? Without this module, you would have to go and create separately the node in question and then come back to the original article form and reference it.
Well with this module, you can do it on the same page, inline (hence the name). This is of great help cause you can create your articles on one page - references included. And trust me, if you do this a lot, it can become quite a pain to always have to go out on a new page and create your reference link, come back and find it with your autocomplete for referencing.
Needless to say is that if you do in fact already have your reference node created, you do have the option inline still to find it like you are used to.
So make sure you check it out. Also, you can easily then create a block with Views that dynamically displays the content referenced by the node on the page.
Hope this helps.