How can I reverse a list in Python?

You can make use of the reversed function for this as:

>>> array=[0,10,20,40]
>>> for i in reversed(array):
...     print(i)

Note that reversed(...) does not return a list. You can get a reversed list using list(reversed(array)).

>>> L = [0,10,20,40]
>>> L[::-1]
[40, 20, 10, 0]

Extended slice syntax is explained well in the Python What's new Entry for release 2.3.5

By special request in a comment this is the most current slice documentation.

>>> L = [0,10,20,40]
>>> L.reverse()
>>> L
[40, 20, 10, 0]

>>> L[::-1]
[40, 20, 10, 0]

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