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Redo last action

Windows shortcut 
CtrlY
Mac shortcut 
Y

This shortcut will allow multiple levels of redo's; each time you use it Excel will step forward one level. Also, with certain actions (e.g. deleting a row), Excel will perform that action again. So, in some cases you can use this shortcut to quickly perform the same action again multiple times.

On Windows, F4 also works.

Related videos

The videos below demonstrate this shortcut.
In this video, we'll look at how to apply a table style. Table styles quickly change the look and feel of an Excel Table.
In this video, we show you how to step back in time and undo changes you've made using undo, and how to step forward again using redo.
In this video, we cover shortcuts you can use to undo, redo, and repeat actions.