In Magento 2 admin panel, I can see there is an option to unassign the status. But, is there any option to Removes the Default Order Status in the admin panel? If not, suggest the way how I can remove it.
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There is no way to delete status by admin natively in Magento. But we can delete the records from the database. There are two tables:
You can find entries like this:
SELECT * FROM sales_order_status WHERE status = 'STATUS_CODE'; SELECT * FROM sales_order_status_label WHERE status = 'STATUS_CODE';
You can manage order status under
Store > Settings > Order Status you can add new status or unassigns order status.