Depending on nature of the text, sometimes line wrapping is convenient, sometimes it is just confusing. And every time I need to switch this (pretty frequently) I have to do to View - Preferences - Enable text wrapping - Close - four clicks, not mentioning all the hand, eye and thought motion. Can this be done a quicker way?
Most text editors have this two clicks away (in a menu) at maximum, some have it on a toolbar or a hot key, but I couldn't find any quick way in Gedit. Maybe there is a hot key I don't know?
In gedit 3.18 text wrapping can be turned on and off from the status bar.
Edit -> Preferences
under the view tab check enable text wrapping
Have a look at this Text-Wrap-Plugin: http://hartmann-it-design.de/gedit/TextWrap/
I have not tested it myself, but it may serve yout needs.
There is no such shortcut that I know of, and the gedit documentation confirms it.
There is a way in Gnome to add your own shortcuts, but it is meant for menu options. I don't think it will work with a function which is activated by checking a checkbox in the preferences. If you still want to try it, follow this:
(Instruction written by Bubblegum)
For gEdit v3
Use the Text Wrap plugin on live.gnome.org/Gedit/Plugins/ :
Install it using @fossfreedom's instructions on How do I install a plugin for gEdit v3?, specifically this answer.