A decorative light strand has user-selectable color schemes corresponding to several holidays for year-round use. The light strand has a plurality of lights including at least one commonly-controlled set of color-controllable multi-color LEDs; a decorating selector comprising a switch which provides a plurality of user-selectable settings; and logic coupled to the switch and the plurality of lights to provide different holiday color schemes in response to the user-selectable settings. Preferably, a plurality of commonly-controlled sets of color-controllable multi-color LEDs exist along the strand, where LEDs of each set are interleaved with LEDs of other sets along the light strand. Advantageously, this light strand may be hung permanently and utilized year-round for major holidays and other suitable occasions. In a color-scheme-controllable light strand, the use of such LEDs as described reduces the number of (or eliminates) non-lit bulbs for at least some color schemes, reduces the number of wired lines to the lights, and provides the light strand with a long-life which is especially desirable in a year-round application.