The colors and the state of the light will mean different things. There are only 5 colors that should be given off not including a lack of light.
Oculus Headset Light Colours Whilst Charging
If the color of the light is a solid green, then your headset is charged.
If the color of the light is a solid orange, then your headset is charging.
If the color of the light is a solid red, then your headset’s battery is very low.
If there is no color in the lights, then your headset isn’t charging.
Oculus Headset Light Colours Outside of Charging Mode
If the color of the light is a solid white, then your screen is on.
If the color of the light is a blinking white, then the system is rebooting or is turning on.
If the color of the light is a blinking purple, then the system is performing a factory reset.
Oculus Controllers Light Colours
If the color of the light is a solid white, then the controllers are on.
If the color of the light is a blinking white, then the controllers are in pairing mode.