An aircraft navigation light comprises a base and circuit board in thermal contact with the base. White and colored LEDs mount on the circuit board. A reflector-shade placed adjacent the LEDs reflects light from the LEDs in desired directions and shades other directions from view of selected LEDs. A light transmissive cover sealed to the base, encloses the circuit board, LEDs and reflector-shade. Temperature responsive circuitry on the circuit board regulates the current through the LEDs and reduces the LED current under high temperature conditions.