Posts status in WordPress can have a number of statuses. The status of a given post settles how WordPress handles that post. For example Public posts viewable by everyone assigned the publish status whereas drafts are allocated the draft status. The status is saved in the post_status field in the wp_posts table.
WordPress uses 8 default statuses. They are:
A post also has a “new” status if it was just created and hasn’t had any previous status. WordPress themes and plugins can define custom post statuses for more of the complex websites. These statuses help in allowing users to organize or settle their posts in the WordPress admin panel. They are useful for sites with multiple authors.
post status allows users to work on an article without publishing it and saving it as a draft. Due to this they can go back later and finish it. It also allows users to schedule posts which gives the post status of “future” or for making a post private. Attachments have a post status of “inherit”. For multi-author blogs, the “pending” status can be useful.
Right now users can increase this functionality by using plugins such as Edit Flow.