The will o the wisp meaning in folklore is a warning dressed as an invitation: a pale light seen over marsh and bog at night, taken for a lantern, that leads travellers off the safe path and into the water. Science explains a good share of the sightings, and has never quite closed the file.
Picture the walk that built the legend, because the legend makes no sense without it. No streetlights, no torch, a causeway of firm ground a few feet wide, black water either side, and out in the dark, low and steady, a light where no house is. Everything in you says lantern. Everything in you says follow. That pull is the whole story.

One light, a hundred names
Every marsh county named it, which tells you how often it was seen. Will o the wisp is Will of the torch, a wisp being a twist of burning straw. Jack o lantern named the same figure, Jack of the lantern, and that name sailed to America and ended up on the carved pumpkin, which is a strange afterlife for a bog light. Scholars filing it in Latin called it ignis fatuus, foolish fire, and the folk names keep going: friar's lantern, spunkie in Scotland, hinkypunk in the west of England, hobby lantern elsewhere.
Wales kept the darkest version. The canwyll corff, the corpse candle, was a light that traced the road from a doomed person's house to the churchyard, and it belongs with the death omens rather than the tricksters. Same light, different accusation. Elsewhere the wisp was merely mischief: a spirit, a punished soul with his coal from the devil, or one of the fair folk having an evening of it at your expense.
Notice what the tradition agrees on underneath the names. The light is never where you are. It recedes as you approach. And following it is how you drown. As warnings go, wrap it in any story you like, that one earned its keep.
What science can claim, honestly
The standard explanation is marsh gas. Rotting vegetation under wet ground produces methane along with traces of other gases, and mixtures of that kind can ignite or glow faintly where they seep up through water. Add the other natural candidates, foxfire, the soft glow of honey fungus on rotten wood, luminous barn owls reported by more than one startled witness, distant lights bent by layered night air, and you have a respectable accounting for a light that hovers, drifts, and dies when the wind shifts.
I am the least ceremonial reader on this site and I will give it to you straight: that accounting is probably most of the truth, and anyone who tells you the wisp is beyond science is selling atmosphere. But I keep two honest cards on the table.
First, the behaviour in the accounts is oddly consistent for random gas: witnesses across centuries describe the light as receding when chased, keeping its distance, as if paced. There are plain explanations for that too, a glow you walk toward through moving air is a moving target, but the consistency deserves recording rather than waving off.
Second, the reports collapsed. Wetlands were drained across the nineteenth and twentieth centuries, nights filled with electric light, and wisp sightings fell away with the marshes, which fits the natural explanation perfectly. Yet the odd report still surfaces from the remaining dark places, and the people making them are no more foolish than their great grandparents were. When something is seen for a thousand years and then mostly stops when we change the landscape, that is evidence about the cause, and I like evidence better than mystery.

What the wisp still teaches
Strip the bog out of it and the wisp is a working metaphor with mud on its boots, which is why the phrase survives the phenomenon. A will o the wisp is anything that glows exactly like the way home and is not: the job offer that keeps receding, the person who is always nearly ready to commit, the sign you keep almost receiving. The folklore's advice was never that no lights are real. It was: know where the firm ground is before you follow one, and notice when a light only ever moves away from you.
That is also the frame I would hand you for the modern versions of night lights people ask me about, from the orbs that turn up in photographs to the darker end of things seen at the edge of sleep, where the shadow figures I have written about before live. Some of it has plain causes. Some of it stays odd. The discipline is the same either way: write it down, check the boring explanations first, and do not walk into water for anything.
Are will o the wisps dangerous?
The light itself was never reported to touch, chase, or harm anyone. Every death in the tradition is a drowning, which means the danger was always the ground, not the glow. A marsh at night is dangerous today for exactly the reasons it was dangerous in 1700, and if you go wisp hunting in one of the last real bogs, tell someone where you are going and stay on the boardwalk. The folklore's entire message is that last sentence.
What is the difference between a wisp and a corpse candle?
Direction and address. The wisp is out in the waste ground, attached to no one, and its game is misdirection. The Welsh corpse candle travels a route, from a particular door along the burial road, and was read as notice of a particular death, the way certain omens attached themselves to certain households rather than to travellers in general. One is a hazard. The other is a message with a name on it.
People describe glowing figures, not just lights. Same thing?
Usually not. The wisp of the record is a point of light, lantern-like, and accounts of shaped or glowing figures belong to other traditions entirely. If what you saw had edges, a direction, or a face, you are in different territory, and the rundown of what people actually report and what tends to explain it is the sober place to start sorting yours.

Where to take your own strange light
This site files its strange-lights material the way I like it, case first, hype last, and it costs nothing to read your way through the whole unexplained shelf. The seeker quiz sorts out in a few minutes which corner of all this you are actually drawn to. And if you saw something over the water or the field behind your house and it is sitting on you, bring it to me plainly and I will treat it plainly. If you have never talked to a reader before, the format is simpler than you expect.
Follow lights. It is one of the better things humans do. Just keep one foot's worth of attention on the ground that holds you up, and let anything that only ever backs away from you keep walking.
