The former Cardiff City manager is under investigation by the Football Association for allegedly making racist, sexist and homophobic comments during text message conversations with ex-head of recruitment Iain Moody.
The 42-year-old has apologised for sending two 'disrespectful' texts, but denies making any sexist or homophobic remarks.
"What I would say is that Malky Mackay has made a big mistake," Redknapp said in this morning's press conference. "Malky is a great lad, a family man and a real football man, he has made mistakes and people make mistakes in life.
"Suddenly everyone is an angel, he made a big mistake the lad but it shouldn't finish his life. He is a good manager and I feel bad for what he has done but I bet no one is feeling as bad as him or his family today.
"I'm not condoning what he has done but show me someone who has ever made a mistake and I will show you a liar. He hasn't murdered anyone, he hasn't raped anyone and he is not a paedophile."
Moody resigned from his position as sporting director at Crystal Palace yesterday after the allegations came to light.