Check your engine light is on when driving. Engine is ok

when it happens and your check engine light goes on, drive to your nearest Autozone or Advance Auto Parts. They will check the engine light for free and tell you exactly what is wrong with it

Brake Light. Make sure you are not driving with hand brake on. Check brake-fluid level. Top off brake fluid if low and make appointment to check brakes. Driving with brake light can be dangerous; deal with this soon. Call tow truck or drive carefully and slowly to shop.
ABS (antilock brake system) Light. Indicates either low brake-fluid level, stuck brake caliper or faulty ABS. Check brake fluid and make appointment to get brakes checked. Call tow truck or drive carefully and slowly to shop.
Oil Light. Either engine is very low on oil or there is no oil pressure. Pull over and turn off engine immediately. Check oil level and add oil if low. Turn engine back on to see if light has gone off. If oil light is still on, bad oil pump (no oil pressure) is likely. Call tow truck.
Check Engine Light. Car's computer senses engine problem. Difference in performance may not be noticeable, but make appointment to have car diagnosed. This usually cost around $65-$75 to do. OK to drive. If problem is serious, computer may switch to limp-home (low-power) mode and you won't have option of waiting to bring car into shop.
Air Bag Light. Get air bags checked. Problem could prevent them from activating in accident. OK to drive, but not safe in accident.
Battery Charge Light. Alternator is not charging. OK to drive, but turn off any unneeded electrical devices (radio, heater, defroster) and avoid starting engine more than necessary. Bring car into shop soon to avoid getting stranded. When alternator is not charging, battery loses charge and car stops working.
Emissions Lights (O2 sensor, EGR, check emissions). Depending on car model, these lights may indicate problem with emissions sensor or may light up at certain mileage, usually 60,000 miles (100,000 km). Get sensors checked. OK to drive. If problem exists, car might get poor gas mileage.
OBD Tools 365 Days Shop

No it is not OK to ignore the engine light. IT is there to advise that the sensors have indicated to the CPU that imminent engine/ gear box damage will occur unless the problem is rectified. It is not just another light on the dash to be ignored . Check the oil and coolant levels and the transmission oil level. Check that the coolant temperature is in the right area. Then go to auto zone and have the codes read. It is possible that the sensor that caused the light is a minor player and you could drive it but I recommend very strongly that you check it out first as it may save heaps of dollars.

You are driving too fast.

may need a timing kit and connected to a computer

You may have a sensor malfunction. Have a mechanic run the codes and see if there are any stored in the computer. Just because the engine runs OK now does not mean it will continue to do so. The reason the light goes off after the vehicle has set over night may be due to the vehicle not sensing the issue after the long passage of time, until you begin driving again.

A red light on the dashboard can mean you should stop driving right away, or you may have a little time before you have to bring your car into the shop. Know what's what so you don't get stuck.

1. Critical Warning Lights
   • 1 Brake Light. Make sure you are not driving with hand brake on. Check brake-fluid level. Top off brake fluid if low and make appointment to check brakes. Driving with brake light can be dangerous; deal with this soon. Call tow truck or drive carefully and slowly to shop.
     
   • 2 ABS (antilock brake system) Light. Indicates either low brake-fluid level, stuck brake caliper or faulty ABS. Check brake fluid and make appointment to get brakes checked. Call tow truck or drive carefully and slowly to shop.
     
   • 3 Oil Light. Either engine is very low on oil or there is no oil pressure. Pull over and turn off engine immediately. Check oil level and add oil if low. Turn engine back on to see if light has gone off. If oil light is still on, bad oil pump (no oil pressure) is likely. Call tow truck.
     
   Maintenance Lights
   • 1 Check Engine Light. Car's computer senses engine problem. Difference in performance may not be noticeable, but make appointment to have car diagnosed. This usually cost around $65-$75 to do. OK to drive. If problem is serious, computer may switch to limp-home (low-power) mode and you won't have option of waiting to bring car into shop.
     
   • 2 Air Bag Light. Get air bags checked. Problem could prevent them from activating in accident. OK to drive, but not safe in accident.
     
   • 3 Battery Charge Light. Alternator is not charging. OK to drive, but turn off any unneeded electrical devices (radio, heater, defroster) and avoid starting engine more than necessary. Bring car into shop soon to avoid getting stranded. When alternator is not charging, battery loses charge and car stops working.
     
   • 4 Emissions Lights (O2 sensor, EGR, check emissions). Depending on car model, these lights may indicate problem with emissions sensor or may light up at certain mileage, usually 60,000 miles (100,000 km). Get sensors checked. OK to drive. If problem exists, car might get poor gas mileage.
     

to reset any malfuntion in memory , disconnect the negative battery terminal few minutes

As compgeek09 stated, yes the DTC (diagnostic trouble code) should be found out first. And yes, AutoZone or Advance Auto Parts should be able to retrieve the code for you. Then you should be able to tell how severe the problem is.

Yes, you should still be able to drive the vehicle. When the check engine light starts flashing is when you should stop driving the vehicle. Also, if your city/state require smog emissions, the vehicle will probably fail the test. Then you'll be required to repair the problem.

Lastly, Vehicle Stability Control. That light is probably related to the check engine light since it sounds like they both came on at the same time. The VSC controls engine power. Thus, if there is a problem with the engine (check engine light), the VSC can't do it's job.

Once the check engine light problem is repaired, the VSC light should go off as well.

If Orange, ok, if flashing Orange, still OK to drive. If flashing RED, better not drive too far. Go to Auto-Zone; they read the codes AND print the explanation of the code; ...
... THEN, TAKE CARE OF PROBLEM ... do not just drive into hell.