As an environmental factor, light influences the physiological functions and secondary metabolism of plants. However, the role of light in cotton fiber development and pigment biosynthesis has not yet been thoroughly explored. In this study, ovules of green cotton were cultured in vitro under dark and light conditions, and fiber and ovule growth parameters as well as fiber carbohydrate and cellulose contents and the expression of genes related to fiber development were investigated to elucidate the effect of light on fiber development. In addition, to investigate the effect of light on fiber pigment biosynthesis, the fiber flavonoid content and related gene expression were determined. The results demonstrated that the fiber length and the expression levels of fiber elongation genes under light culture were significantly lower than under dark culture, however, the ovule and fiber weight were significantly higher than under dark culture. The fiber developed under light culture had higher carbohydrate concentrations and carbohydrate transformation rate than under dark culture. Additionally, light culture exhibited higher cellulose contents and expression levels of cellulose biosynthesis genes compared with dark culture. In contrast, the pattern of the effect of light on flavonoid biosynthesis differed from that for cellulose biosynthesis. At 10 DAC (days after culture) and 20 DAC, the flavonoid contents and the expression levels of genes related to flavonoid biosynthesis were lower than under dark culture. However, the flavonoid contents and gene expression levels observed at 30 DAC and 40 DAC were higher in the light culture than in the dark culture. These results suggested that light hindered fiber elongation, but promoted carbohydrate accumulation and carbohydrate transformation, which resulted in fiber weight gain and increased cellulose accumulation in fibers. In addition, light inhibited flavonoid biosynthesis at early stage of fiber development, but promoted it at later stages. These findings provide the basis for intensive study of fiber development and flavonoids biosynthesis in green cotton.