Hi @Vinod Survase ,
Yes, SharePoint Online has a storage limit based on the number of licenses in the tenant. The amount of storage available for your organization is based on the number of licenses purchased. Your organization has a total storage of 1 TB plus 10 GB per license of eligible plan purchased, plus any Microsoft 365 Extra File Storage add-on purchased. If you need more storage, you can purchase an unlimited amount of additional SharePoint storage. To add storage to your SharePoint subscription, see the help article Add storage space for your subscription.
For your references:
SharePoint Online out of storage space
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