That limit is a maximum of 64 characters (octets) in the “local part” (before the “@”) and a maximum of 255 characters (octets) in the domain part (after the “@”) for a total length of 320 characters. Systems that handle email should be prepared to process addresses which are that long, even though they are rarely encountered.
For more information see: https://www.rfc-editor.org/rfc/rfc3696.txt