Light-emitting diodes (LEDs) are popular as a light source for in vitro plants because they save energy and allow the morphology of the plant to be altered. The purpose of this study was to show that switching from classical fluorescent light (FL) to LED light can have both beneficial and adverse effects. Pistacia vera plantlets were exposed to FL, monochromatic Blue LED light (B), monochromatic Red LED light (R), and a 1:1 mixture of both B and R (BR). R increased the total weight, shoot length, number of shoots ≥ 1 cm, and proliferation. It also reduced hyperhydricity (HH), but also dramatically increased shoot tip necrosis (STN) and leaf necrosis (LN). B cured plants of HH and STN, but hardly enabled proliferation. It did not solve the problem of LN, but the plants were high in total chlorophyll and carotenoids. BR reduced HH but enabled limited proliferation, high STN, and LN. All three LED treatments reduced HH compared to FL. B induced both high total phenolic and flavonoid content and high DPPH-scavenging activity. These results show that switching from FL to LED can have a significant positive or negative effect on proliferation and quality. This suggests that finding an optimal lighting regimen will take a lot of trial and error.