Battle pets can come in four known qualities:

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    [Poor] - gray
    [Common] - white
    [Uncommon] - green
    [Rare] - blue
    [Epic] - purple
    [Legendary] - orange

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Pets with [epic] and [legendary] qualities are not yet accessible to players (as of Patch 5.1). But Blizzard has stated they fully intend to implement them in the future.

FYI: A few of the highest level Master Tamer NPCs have pets of epic and legendary quality. There are also a few legendary pets that are objectives for the Beasts of Fable daily quest. However, there’s no way for you to capture any of these pets.

 

These different qualities affect a pet's battle stats. The higher the quality, the better its health, speed and attack values. These values will also scale better as you level your battle pet.

A Battle Pet with Uncommon Quality

 

Stats can vary even if two pets share the same rarity. For example, one uncommon quality cat might have more health but less power and speed, while a second uncommon quality cat has less health but more power and speed. This is because each of these cats could have different breeds. You can learn more about breeds and breed IDs here.

Using the Stat Calculator

 

Each battle-ready pet on our site has a "Battle Info" tab in its pet profile. At the top of this tab, you'll find the pet's stat calculator.

 

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​​You can adjust the pet's level and rarity, and then cycle through all of its available breeds. (Note that some pets only come in one breed.) Cycling through each breed will tweak the overall stats of the pet.

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Curious about the actual formula used to calculate each pet's battle stats? See the Calculating Stats Based on Breed section of our Guide to Pet Breeds.

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Wild Pet Quality

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The quality of captured wild pets is random. As of patch 5.1, upon entering a battle the Pet Battle UI shows the quality of a wild pet (idicated by a color-coded border around its icon). If you're farming a specific quality, if you forfeit the match your team will incur a small damage penalty (roughly 10%). There is no accurate way to determine a pet's quality prior to the start of a battle.

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Non-Wild Pet Quality

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Different qualities aren't limited only to wild pets—many rare World drops and special non-wild companions have had their stats boosted. For example, the world-drop dragon whelps (Azure Whelpling, Crimson Whelpling, Dark Whelpling, and Emerald Whelpling) are of [rare] quality. Check your Pet Journal to see the color-coded rarity of your non-wild pets.

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Upgrading the Quality of Your Pets

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Battle-Stones were introduced in patch 5.1 as a new item that can be used to automatically upgrade your pets directly to [uncommon] quality (via Polished Battle-Stones) or [rare] quality (via Flawless Battle-Stones).

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There are two versions of each type of stone; general and family-specific:​

· General Battle-Stones can be used to upgrade any pet to the quality designated by that stone. These are bind-on-use and may be traded to other players.
· Family-specific Battle-Stones may only be used to upgrade a pet of the corresponding family. These are bind-on-pickup and cannot be traded away.

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TIP: Using a Battle-Stone on a pet level 15 or higher will cause the pet to automatically lose 2 levels. Keep this in mind, as you'll want to relevel that pet before you engage in any difficult battles.

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Battle-Stones can be found in the Tamer daily reward bag, or randomly awarded to you after defeating a wild pet in battle. There's also a small chance to earn one by defeating a player in a queued PVP match. Defeating a higher level pet increases your chances of getting a stone.

 

Resource:warcraftpets.com