Log levels are mostly convention. A higher log level means the message is more urgent.
Generally, these are the considerations for the standard levels
DEBUG: This log level usually isn't recorded, but it's useful when a developer is trying to reproduce an issue. Feel free to use it liberally, but not so much that you clutter your code with it.
INFO: "This thing happened". This is good for normal operations. Good for answering questions like: "Hey, did the cron job run today?"
WARNING: Something went wrong, but it's not critical. Some metadata was malformed and couldn't be saved for example, but you're still able to do the thing that makes you money.
ERROR: Something went wrong, it's probably bad, but not bad enough to kill the process. You want lots of detail in these logs because you'll use them to diagnose issues when you start, before turning to debug.
CRITICAL: Something is very wrong. Sound the alarm.