lit (adj.)

"illuminated; afire," past-participle adjective from light (v.2). Slang meaning "drunk" is recorded from 1914.

lit (n.1)

"color, hue, dye," early 12c., from Old Norse litr "color, hue; the color of the sky at dawn or dusk," from Proto-Germanic *wlitiz (source also of Old Frisian wlite "exterior, form," Gothic *wlits "face, form"). The cognate Old English word was wlite "brightness; appearance, form, aspect; look, countenance; beauty, splendor," which seems to have been rare after c. 1400. Compare litmus.

lit (n.2)

colloquial shortening of literature, attested by 1850.

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Definitions of lit from WordNet
lit (adj.)
provided with artificial light;
a brightly lit room
Synonyms: illuminated / lighted / well-lighted
lit (adj.)
set afire or burning;
a lit firecracker
Synonyms: lighted
lit (n.)
the humanistic study of a body of literature;
he took a course in Russian lit
Synonyms: literature