If you are using Android Studio (version 0.5.2) then this applies:
Click on [File][Settings], and under the "IDE Settings" area (left side Pane), choose "Appearance".
On the right side (the 'Appearance Settings') check the CheckBox called "Override default fonts by (not recommended)" and then the "Size" choice will un-grey and you can choose a new size using either the PullDown or by typing a number. Double check that the number is reasonable (not too large).
Click [Apply] to see the result of your choice and ensure that it is readable before choosing [OK] and dismissing the Settings Panel.
Cautions: Since Android Studio is still in Beta (a new Program) choosing too small or too large a Font, or choosing one that the Editor does not agree with, may make Text either unreadable or worse (cause a crash).
This is likely why the Setting says "not recommended". You do not want to have to edit the Program's settings with a Hex Editor if you make a mess by setting the Fonts to 144 Points instead of just 14 -- the Menu line would be huge.
A small increase in the Font size should be OK but be careful not to make Text so large that it can not fit in the area that was reserved for it (not just in the Editor but also the "Main Menu" and the "Info Bar" (at the bottom).
Note: The 'Edit Window' Text is smaller than all the other Text by one size but all Text is controlled by the one Setting. Making the 'Edit Window' Text too big is very likely to cause problems elsewhere since all the other Text is larger than what is shown in the 'Edit Window'.
There is nothing wrong with the other answers but this one shows how to map the font sizing to a keyboard shortcut. One can then use Cmd/= and Cmd/- (or Ctrl/=, Ctrl-) to manage the font sizing. You can choose any key combination you like but note the conflicts message that appears when you select a keyboard shortcut (just to be sure that it makes sense in your use-case).
Go to Preferences (Settings in Windows) Menu and select the Keymap section title on the left. On the right sections' search box, type in font. You will find several entries including Increase Font Size and Decrease Font Size. You can double click each of these to add a keyboard shortcut.
For mine, I chose Cmd/= and Cmd/- as my shortcuts respectively. You will be prompted with an option to Leave or Remove conflicts. In my case, I chose to leave the conflicts in place as they are never likely to be loaded at the same time.
Double-click to add keymap
Enter key combination and note any conflicts
Choose how to handle conflicts
NB: If you choose Leave, conflicts remain ~ but may not matter if they
are not loaded at the same time. If you choose Remove then the original
keyboard shortcuts are removed (use with care).
Nota Bene
Another useful keymap on font sizing is Reset Font Size, which puts things back to the default setting. This option shows up when you search the Keymap in preferences for font. In my case, I chose Cmd/Shift/0 so that I would avoid the commonly used Cmd\0 shortcut that opens the Messages window.
Reset Font Size
Valid as of Android Studio 1.5.1
FYI
A different method to change the font sizes is to open the Actions
menu and search for font. When found then double click on the
increase/decrease font size choices. On the Mac, I access actions
menu using the Cmd/Shift/A shortcut or under Help menu, choose
Find Actions.
Go to Settings > Editor, expand the Editor tree, go to Color & Fonts expand that tree and find Font, at the top select the theme you want to change fonts for and then change the font under Editor Font
I have the issue but it was due to changed font family. I had to specify Font size for specific Font Family I was currently using. Got to Settings > Font > Click Current Editor font...
It will open Color Scheme > Color Scheme Font. Specify Font size here