Light quantity (intensity and photoperiod) and quality (spectral composition) affect plant growth and physiology and interact with other environmental parameters and cultivation factors in determining the plant behaviour. More than providing the energy for photosynthesis, light also dictates specific signals which regulate plant development, shaping and metabolism, in the complex phenomenon of photomorphogenesis, driven by light colours. These are perceived even at very low intensity by five classes of specific photoreceptors, which have been characterized in their biochemical features and physiological roles. Knowledge about plant photomorphogenesis increased dramatically during the last years, also thanks the diffusion of light-emitting diodes (LEDs), which offer several advantages compared to the conventional light sources, such as the possibility to tailor the light spectrum and to regulate the light intensity, depending on the specific requirements of the different crops and development stages. This knowledge could be profitably applied in greenhouse horticulture to improve production schedules and crop yield and quality. This article presents a brief overview on the effects of light spectrum of artificial lighting on plant growth and photomorphogenesis in vegetable and ornamental crops, and on the state of the art of the research on LEDs in greenhouse horticulture. Particularly, we analysed these effects by approaching, when possible, each single-light waveband, as most of the review works available in the literature considers the influence of combined spectra.