Spruce wood is widely used in outdoor applications, but its susceptibility to degradation under exposure to sunlight and moisture is a major concern. This study investigates the impact of accelerated aging on spruce wood’s surface chemistry, microstructure, geometry, and discoloration. The study was performed in two outdoor aging modes: dry and wet. The accelerated aging effects were evident in the changes in spruce wood structure, as well as in the other studied properties. During aging, it developed significant discoloration. Under simulated rainless outdoor conditions (dry mode), spruce wood gradually became dark brown. Under conditions involving rain (wet mode), the discoloration was qualitatively different from the dry mode. FTIR spectroscopy showed that during the accelerated aging of wood, lignin was mainly degraded, especially in the early stages of the process. A linear correlation was found between the changes in lignin and the color changes in the wood. There was an increase in carbonyl groups in the dry mode, which contributed to the color change and was also influenced by changes in extractives. The wet mode caused the leaching out of carbonyl groups. The observed decrease in cellulose crystallinity, together with the degradation of hydrophobic lignin, may result in the increased hydrophilicity of photodegraded wood. For both modes, there were different changes in the wood micro- and macrostructure, reflected in the surface morphology. The roughness increased during the aging process in both modes. The slightest changes in the roughness parameters were identified in the grain direction in the dry mode; the most evident was that the roughness parameters increased perpendicular to the grain in the wet mode. The demonstrated mechanism backing up the aging-related changes to the spruce wood structure and the relations unveiled between these changes and the changes in the spruce wood surface properties can provide an issue point for seeking ways how to mitigate the negative effects of the environmental factors the wood is exposed to.