All string values are limited to 512 MiB. This is the size limit you probably care most about.
EDIT: Because keys in Redis are strings, the maximum key size is 512 MiB. The maximum number of keys is 2^32 - 1 = 4,294,967,295.
Values, on the other hand, can vary in size depending on their type. For aggregate data types (i.e. hash, list, set, and sorted set), the maximum value size is 512 MiB for each element, although the data structure itself can have up to 2^32 - 1 elements.
https://redis.io/topics/data-types
https://redis.io/topics/faq#what-is-the-maximum-number-of-keys-a-single-redis-instance-can-hold-and-what-is-the-max-number-of-elements-in-a-hash-list-set-sorted-set
http://groups.google.com/group/redis-db/browse_thread/thread/1c7e33fbc98734b3?fwc=2