Zip the lists together, sort, unzip the lists:
together = zip(list_1, list_2)
sorted_together = sorted(together)
list_1_sorted = [x[0] for x in sorted_together]
list_2_sorted = [x[1] for x in sorted_together]
What's happening here is that zip creates a list of tuples, with the elements you want the list to be sorted by being the first elements:
>>> a = [1,3,7,3,2]
>>> b = ["one","two",'three','four','five']
>>> zip(a,b)
[(1, 'one'), (3, 'two'), (7, 'three'), (3, 'four'), (2, 'five')]
Then when you sort them, they elements stay paired:
>>> sorted(zip(a,b))
[(1, 'one'), (2, 'five'), (3, 'four'), (3, 'two'), (7, 'three')]
Then all that's left is to unpack these lists.