Upload larger files, up to 10 GB each
Microsoft has increased the per file size limit to 10 GB. This applies to files uploaded to Team Sites, Office 365 Groups and OneDrive for Business, as well as for videos uploaded into the Office 365 Video portal. Office 365 customers no longer need to leave big files stranded on file shares and local hard drives.
Before it was only 2 GB
1 TB additional space for overall pooled SharePoint Online storage allocation
The amount of content in Office 365 is growing 300 percent year over year. To meet your needs for more storage, we’re increasing default storage to 1 TB plus 0.5 GB per user to use across SharePoint Online, Office 365 Groups and Office 365 Video up from the previous allocation of 10 GB. This is in addition to the unique default per-user OneDrive for Business storage space and individual storage provided for user email inboxes. Office 365 customers on our premium Enterprise, Government and Education plans will receive OneDrive for Business unlimited storage, and we’re pleased to announce that the first stage of providing 5 TB for each user is now complete.
Source : Office Blogs