Is there a key combination to cycle through clipboard history when pasting in windows?

Windows (7 and previous versions) does not have such a built-in clipboard management feature; but you might want to read the following article:

http://lifehacker.com/5298615/five-best-clipboard-managers

I recommend ditto and clipX.

As of Windows 10 version 1809, Windows now has built-in clipboard history.
You can push ⊞ Win + V to show it.

Note that this is still has many fewer features than Ditto, so that would still be a good option to consider.