The bug life cycle is also known as the defect life cycle. Bug life cycle is a specific set of states that a bug goes through. The number of states that a defect goes through varies from project to project.

New
When a new defect is logged and posted for the first time, then the status is assigned as New.

Assigned
Once the bug is posted by the tester, the lead of the tester approves the bug and assigns the bug to the developing team.

Open
The developer starts analyzing and works on the defect fix.

Fixed
When a developer makes a necessary code changes and verifies the change, then he/she can make the bug status as fixed.

Retest
Tester does the retesting of the code at this stage to check whether the defect is fixed by the developer or not and change the status to retest.

Reopen
If the bug persists even after the developer has fixed the bug, then tester changes the status to Reopen and once again bug goes through the bug life cycle.

Verified
The tester retests the bug after it got fixed by the developer if no bug found then it changes the status to Verified.

Closed
If the bug is no longer exists, then it changes the status to Closed.

Duplicate
If the defect is repeated twice or the defect corresponds to the same concept of the previous bug, then it changes the status to Duplicate.

Rejected
If the developer feels that the defect is not a genuine defect, then it changes the status to Rejected.

Deferred
If the bug is not of higher priority and can be solved in the next release, then the status changes to Deferred.