• Pending payment – Order received (unpaid)
• Failed – Payment failed or was declined (unpaid). Note that this status may not show immediately and instead show as Pending until verified (i.e., PayPal)
• Processing – Payment received and stock has been reduced – the order is awaiting fulfillment. All product orders require processing, except those that are Digital and Downloadable.
• Completed – Order fulfilled and complete – requires no further action
• On-Hold – Awaiting payment – stock is reduced, but you need to confirm payment
• Cancelled – Cancelled by an admin or the customer – no further action required (Cancelling an order does not affect stock quantity by default)
• Refunded – Refunded by an admin – no further action required

By clicking into each order, you can see more information and manage the order:

• See which items the customer has purchased.
• Change the order to “Completed” (i.e. dispatched).
• Add private (internal) notes.
• Add a note to send to the customer.
• Resend copies of invoices.

If you’re looking for more help, WooCommerce have a series of help guides on their website, e.g. Managing Orders.