A system for providing reconfigurable input devices for a work vehicle may generally include a plurality of input devices configured to receive operator inputs associated with controlling the operation of a plurality of components. Each input device may include a light source. In addition, the system may include a controller communicatively coupled to the input devices. The controller may be configured to store an input device assignment for each of the components that assigns each input device to a respective one of the components. The controller may also be configured to transmit a control signal to each input device that causes the light source of each input device to produce colored light, wherein a specific color of the colored light produced by the light source of each input device provides a visual indicator of the input device assignment for each of the components.