Is there any functionality that we can create the new priority project wise, means for individual project?

[Saurabh Kesarwani]

This question is in reference to Atlassian Documentation: Defining priority field values

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[Nic Brough [Adaptavist]]

No, priority is a global field.  There's a very old open issue with Atlassian to implement priority schemes, but there's been no progress on it.

Your only option is to work around it by adding other fields that implement other priority lists, but these make the system priority redundant so some of the reports and defaults become a lot less useful.