SELECT 
  cscart_statuses.status 
FROM 
  cscart_statuses 
  INNER JOIN cscart_status_data ON cscart_status_data.status_id = cscart_statuses.status_id 
WHERE 
  type = 'O' 
  AND (param, value) IN (
    ('payment_received', 'Y')
  )

Query time 0.00041

JSON explain

{
  "query_block": {
    "select_id": 1,
    "cost_info": {
      "query_cost": "8.20"
    },
    "nested_loop": [
      {
        "table": {
          "table_name": "cscart_statuses",
          "access_type": "ALL",
          "possible_keys": [
            "PRIMARY"
          ],
          "rows_examined_per_scan": 19,
          "rows_produced_per_join": 1,
          "filtered": "10.00",
          "cost_info": {
            "read_cost": "5.54",
            "eval_cost": "0.38",
            "prefix_cost": "5.92",
            "data_read_per_join": "76"
          },
          "used_columns": [
            "status_id",
            "status",
            "type"
          ],
          "attached_condition": "(`pankajecarter_hunters`.`cscart_statuses`.`type` = 'O')"
        }
      },
      {
        "table": {
          "table_name": "cscart_status_data",
          "access_type": "eq_ref",
          "possible_keys": [
            "PRIMARY",
            "inventory"
          ],
          "key": "PRIMARY",
          "used_key_parts": [
            "status_id",
            "param"
          ],
          "key_length": "768",
          "ref": [
            "pankajecarter_hunters.cscart_statuses.status_id",
            "const"
          ],
          "rows_examined_per_scan": 1,
          "rows_produced_per_join": 0,
          "filtered": "31.08",
          "cost_info": {
            "read_cost": "1.90",
            "eval_cost": "0.12",
            "prefix_cost": "8.20",
            "data_read_per_join": "907"
          },
          "used_columns": [
            "status_id",
            "param",
            "value"
          ],
          "attached_condition": "(`pankajecarter_hunters`.`cscart_status_data`.`value` = 'Y')"
        }
      }
    ]
  }
}