This question was recently asked here: https://answers.atlassian.com/questions/54164/are-there-any-limits-on-the-number-of-labels-that-can-be-created
There is no hard limit on the number of labels that you can create, but there is probably some limit that you will hit eventually where you create so many labels that JIRA just can't handle it - this soft limit will be heavily dependent on your system resources and usage scenario.
Here it some documentation about labelling an issue:
Do you want to limit the amount of labels? Or do you want to know if there's a limit of labels?
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