Light is a fundamental environmental parameter for plant growth and development because it provides an energy source for carbon fixation during photosynthesis and regulates many other physiological processes through its signaling. In indoor horticultural cultivation systems, sole-source light-emitting diodes (LEDs) have shown great potential for optimizing growth and producing high-quality products. Light is also a regulator of flowering, acting on phytochromes and inducing or inhibiting photoperiodic plants. Plants respond to light quality through several light receptors that can absorb light at different wavelengths. This review summarizes recent progress in our understanding of the role of blue and red light in the modulation of important plant quality traits, nutrient absorption and assimilation, as well as secondary metabolites, and includes the dynamic signaling networks that are orchestrated by blue and red wavelengths with a focus on transcriptional and metabolic reprogramming, plant productivity, and the nutritional quality of products. Moreover, it highlights future lines of research that should increase our knowledge to develop tailored light recipes to shape the plant characteristics and the nutritional and nutraceutical value of horticultural products.