Order status can be used to manage customer orders.  This Order status list page can be found under 

Log in to your admin panel and go to System> Localization> Order status. Obviously, all Order statuses are already on the list, if you need can add more!

Let’s take a tour by exploring the setup of Order status. 

These Order statuses can be used to manage customer orders. Each Order status can be individually disabled, by editing them. The Order status can be deleted as well.

Note:  The only issue with the deletion of a Order status is that the Order status information will be deleted with it

You can edit the order status by clicking the edit pencil button. 

Checking an individual box in the first column will select the Order status within the same row. Once selected, you can choose to "delete" the Order status on the top left corner and click the + button to add new. 

  1. Enter the order status name
  2. Click the save button
Then customer order list will be available on Sales --> Order --->History. There you can choose the status of the Order.

Well! The result of order status updated can be seen in the screenshot below 

Congratulations !!!  Now your order with status is readily visible to the public, Which will help your customers make an informed decision with their purchase.