Hydrogenation and photolysis of H 2 O-CO binary ice mixtures at 10-50 K have been revisited in order to quantitatively evaluate their relative importance in the chemical evolution of interstellar dust icy mantles. The dominant product of photolysis was CO 2 , with lower yields of formaldehyde, methanol, and formic acid, while only formaldehyde and methanol were obtained by hydrogenation reactions. Hydrogenation has higher formation efficiencies and yields of formaldehyde and methanol than photolysis. However, the contribution of photolysis should not be negligible for the formation of these molecules in molecular clouds. The simultaneous irradiation of binary ice mixtures with hydrogen atoms and UV photons resulted in relative abundances of CO 2 , formaldehyde, methanol, and formic acid that are consistent with the observed abundances. Our results show that the composition and structure of ice are crucial in the chemical evolution of ice mantles, as much as the temperature and the type of irradiation.