Limit Break Guide

In Final Fantasy VIII, when a character has fewer than 32 percent of their maximum health (83 percent for Seifer) and they have a number of other conditions, they have the chance of performing a Limit Break much like the Desperation Attack from FFVI. These are the only things apart from weapons that truly differentiate the characters.

Squall: Renzokuken

Effect: Hits one enemy for 4-8 amounts of damage. Then does one of the Following if you have done it before. You need the weapon that come from Weapons Monthly Magazines.
How to Initiate: When the Limit comes out, if you have the Renzokuken Indicator on, press R1 when the time is right to make Squall attack. Then he might do one of the four attacks if you have the weapon for it. If its off it will do the RI sequence automatically but your chance of a finishing move will go down.

Rough Divide: Attacks one enemy for a more damage (available from start, Revolver)
Fated Circle: Attacks all enemies for more damage (available from Shear Trigger)
Blasting Zone: Attacks all enemies for more damage (available from Flame Saber to Punisher)
Lionheart: Attacks all enemies for lots of damage multiple times (available from Lionheart)

Rinoa: Combine

Effect: Angelo and Rinoa might do one of the following if Angelo has learnt it. To learn an attack you must select it to be learnt from the status screen and walk until the bar fills up, new attacks are learnt from Pet Pals Magazines.
How to Initiate: If Rinoas hp falls below 32 percent, Angelo might do one of these during the battle (like Interceptor from Final Fantasy VI) without having to select Limit.

Angelo Rush: Runs and attacks one monster as a counterattack
Angelo Recover: Recovers a characters HP
Angelo Reverse: Revive one character with a Phoenix Down
Angelo Search: Steal an Item from the enemy

If Rinoas hp falls below 32 percent, you can select Command do one of these commands from the Limit command. You need to learn them from the Pet Pals and Walk method.

Angelo Cannon: Attack one enemy with an explosion.
Angelo Strike: Attack one enemy by grabbing them, stronger then Angelo Cannon.
Invincible Moon: Same Effect as a Holy War Drink for the whole party.
Wishing Star: Ride on Angelo and cast down attacks on multiple enemies

Angel Wing is another Limit Break only acquired in Ragnarok and after rescuing her from the Sorceress Memorial. To get it hold down right and it should appear under Combine during Limit break selection.
When it is selected Rinoa enters a state that can be put simply like this:
She enters a Berserk State that she casts magic 5X its normal strength and she is immune to almost every status ailment.

Zell: Duel

Effect: Zell basically is like Sabin from Final Fantasy VI and his Blitzs. Input the commands to do damage in a designated amount of time. You learn finishing moves from Combat King Magazines. The lower your hp, the more time you get to execute these moves.
How to Initiate:

When you get the option, choose Duel. A window will appear if you selected Duel Indicator on. You will get a list of moves to select. Select one and press the buttons for it. Continue until your time runs out.

Moves: These can be performed if they appear
Punch Rush: O, X you start with this move
Booya: Right, Left you start with this move
Heel Drop: Up, Down you start with this move
Mach Kick: Left, Left, O you start with this move
Dolphin Blow: L1, R1, L1, R1 comes with Combat King 1
Meteor Strike: Down, O, Down, O comes with Combat King 2

These finish the Limit Break but are very powerful. You can choose it if they appear
Burning Rave: Down, Down, Down, Down, O you start with this move
Meteor Barret: Up, X, Down, Triangle, O comes with Combat King 3
Different Beat: Triangle, Square, X, O, X comes with Combat King 4
My Final Heaven: Up, Right, Down, Left, Triangle comes with Combat King 5

Irvine: Shot

Effect: Irvines Limit Break is a unique one. With it you have Ammo. When the Limit is initiated, you shoot the ammo and cause damage. The more Ammo types you get, the more attacks you can do.
How to Initiate: When the limit break comes up, choose the ammo you want to use by highlighting it, then press R1 as many times as you can before the time is up or when you run out of those bullets. The lower hp, the more time you get. Each ammo has a different recovery time (the longer it takes to reload).

Bullet Types:
Normal Ammo -> Normal Shot: Single enemy damage
Shotgun Ammo -> Shotgun Shot: Multiple enemiy damage
Dark Ammo -> Dark Shot: Single enemy, blindness status
Fire Ammo -> Fire Shot: Multiple enemies, fire damage
Demolition Ammo -> Canister Shot: Single enemy damage (stronger then normal shot)
Fast Ammo -> Quick Shot: Single enemy damage (very fast)
AP Ammo -> Armour Shot: Single enemy damage (ignores Defence)
Pulse Ammo -> Hyper Shot: Single enemy damage (strongest ammo)

Quistis: Blue Magic

Effect: Quistiss Limit Break is one of the most common Final Fantasy Traits, Enemy Skills. Mostly you just have to be attacked by them and use them from a menu. This time you have to use Items and its only for a Limit Break attack.
How to Initiate: To Initiate, choose from the list you have and execute the attack.

Attacks:
Items Attack Effect
Start -> Laser Eye: Single enemy damage
Spider Web -> Ultra Waves: Single enemy damage
Coral Fragment -> Electrocute: Multiple electric damage to enemies
Curse Spike -> Lv? Death: Cast Death on all enemies depending on lv. multiplier
Black Hole -> Degenerator: Instant death to an enemy
Water Crystal -> Aqua Breath: Multiple water damage to enemies
Missile -> Micro Missile: Same effect as Demi
Mystery Fluid -> Acid: Single enemy damage
Running Fire -> Gatling gun: Single enemy damage
Malboro Tentacle -> Bad Breath: Multiple status effects on all enemies
Whisper -> White Wind: Heals allies hp
Laser Cannon -> Homing Laser: Single enemy damage
Barrier -> Mighty Guard: Shell, Protect and many conditions on allies
Dark Matter -> Shockwave Pulsar: Multiple enemy damage (able to exceed 9999)
Power Generator -> Raybomb: Multiple enemy damage

Selphie: Slot

Effect: Selphies Limit Break is pretty tame in comparison to others. All she has is every type of magic at her disposal, even if she hasnt Junctioned it.
How to Initiate: When the menu comes it, it will show you a magic and an amount of times. You can try to find a better magic or you can cast it. This could mean minutes of searching through magic that the enemy can still attack you with. The only thing different is there are 4 spells that can only be used through Slot

Full Cure: Heal a random ally 100% (not on dead and Zombie-ridden characters)
Wall: Protect and Shell on all allies
Rapture: Kills almost every monster instantly except bosses
The End: Kills everything except Ultimecia (thats right, it works on bosses but not on undead bosses)

Temporary Character Limit Breaks:
Some characters join only very briefly or used a little less. They all have Limit Breaks but are not as elaborate as the main characters
Seifer: No Mercy: Multiple enemy Damage
Edea: Ice Strike: Single enemy Damage
Laguna: Desperado: Multiple enemy Damage
Kiros: Blood Pain: Single enemy Damage
Ward: Massive Anchor: Multiple enemy Damage
Other Statistics in Limit Breaks:
Aura: Aura is a spell that increases the chance of a Limit Break by a huge amount.
Status: Status such as poison will increase the chance of a Limit Break as well
If an ally is dead it will increase the chance as well.