Many two-dimensional (2D) semiconductors represented by transition metal dichalcogenides have tunable optical bandgaps in the visible or near IR-range standing as a promising candidate for optoelectronic devices. Despite this potential, however, their photoreactions are not well understood or controversial in the mechanistic details. In this work, we report a unique thickness-dependent photoreaction sensitivity and a switchover between two competing reaction mechanisms in atomically thin chromium thiophosphate (CrPS4), a 2D antiferromagnetic semiconductor. CrPS4 showed a threshold power density two orders of magnitude smaller than that for MoS2 obeying a photothermal reaction route. In addition, reaction cross section quantified with Raman spectroscopy revealed distinctive power dependences in the low and high power regimes. Based on optical in-situ thermometric measurements and control experiments against O2, water, and photon energy, we proposed a photochemical oxidation mechanism involving singlet O2 in the low power regime with a photothermal route for the other. We also demonstrated a highly effective encapsulation with Al2O3 as a protection against the destructive photoinduced and ambient oxidations.