When I'm experimenting with different effects, I often like to try out different blend modes to see what effects they have on my layers.
To cycle through all the blend modes quickly using the keyboard, use Shift-+ (plus) to change to the next mode, and Shift-- (minus) to change to the previous mode.
Notes:
If you have any painting tool active this shortcut changes the blend mode of the painting tool.
If the blending mode menu in the layers palette has an item highlighted, the keyboard shortcut may not work. If this happens, tap the ESC key and then try the shortcut again.
In the Photoshop CS documentation, this shortcut is listed as Shift-Alt + (plus) or - (minus) for Windows and Shift-Option + (plus) or - (minus) for Macintosh; however, the Shift +/- combination does still work except in the situations noted above.
Related Resources:
Photoshop Layers & Blend Modes
Compatibility: Photoshop (any version), Photoshop Elements (any version)
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