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 0.00010

JSON explain

{
  "query_block": {
    "select_id": 1,
    "table": {
      "table_name": "cscart_statuses",
      "access_type": "index",
      "possible_keys": ["PRIMARY"],
      "key": "status",
      "key_length": "6",
      "used_key_parts": ["status", "type"],
      "rows": 34,
      "filtered": 100,
      "attached_condition": "cscart_statuses.`type` = 'O'",
      "using_index": true
    },
    "table": {
      "table_name": "cscart_status_data",
      "access_type": "eq_ref",
      "possible_keys": ["PRIMARY", "inventory"],
      "key": "PRIMARY",
      "key_length": "768",
      "used_key_parts": ["status_id", "param"],
      "ref": ["staging2_wesave_com.cscart_statuses.status_id", "const"],
      "rows": 1,
      "filtered": 32.25806427,
      "attached_condition": "cscart_status_data.param = 'payment_received' and cscart_status_data.`value` = 'Y'"
    }
  }
}