Custom Settings in Salesforce

Custom settings are similar to custom objects and enable application developers to create custom sets of data, as well as create and associate custom data for an organization, profile, or specific user. All custom settings data is exposed in the application cache, which enables efficient access without the cost of repeated queries to the database. This data can then be used by formula fields, validation rules, Apex, and the SOAP API.

Check the below site for fetching data from Custom Settings

There are two types of custom settings:

List Custom Settings:
 A type of custom setting that provides a reusable set of static data that can be accessed across your organization. If you use a particular set of data frequently within your application, putting that data in a list custom setting streamlines access to it. Data in list settings does not vary with profile or user, but is available organization-wide. Examples of list data include two-letter state abbreviations, international dialing prefixes, and catalog numbers for products. Because the data is cached, access is low-cost and efficient: you don't have to use SOQL queries that count against your governor limits.

Hierarchy Custom Settings:
 A type of custom setting that uses a built-in hierarchical logic that lets you “personalize” settings for specific profiles or users. The hierarchy logic checks the organization, profile, and user settings for the current user and returns the most specific, or “lowest,” value. In the hierarchy, settings for an organization are overridden by profile settings, which, in turn, are overridden by user settings.

Limits in Custom Settings:
1. The total amount of cached data allowed for your organization is the lesser of these two values:
    i.  10 MB
    ii. 1 MB multiplied by the number of full-featured user licenses in your organization

2. Each Certified managed package gets its own separate limit in addition to your organization limit.

3. 300 fields per custom setting.

4. You can’t share a custom setting object or record.

5. No owner is assigned when a custom setting is created, so the owner can’t be changed.

6. Custom settings are a type of custom object. Each custom setting counts against the total number of custom objects available for your organization.