Severity vs. Priority

Severity = how bad the bug is. Priority = how soon to fix it.

High Priority → Low

Low severity · High priority

Fix soon

Typo on the pricing button

Small bug, but every visitor sees it

High severity · High priority

Fix now

Checkout fails for all users

Serious and blocking everyone

Low severity · Low priority

Backlog

Misaligned icon in settings

Minor and rarely noticed

High severity · Low priority

Schedule it

Crash in a rarely used admin export

Serious, but few people hit it

Low Severity → High
Severity describes the damage. Priority decides the timing.