In this work, we present a complex study of photoregeneration of a zinc phthalocyanine (ZnPc) sensor by illumination from light-emitting diodes (LEDs). It includes an investigation of photoregeneration effectivity for various wavelengths (412–723 nm) of incident light carried out at sensor operating temperatures of 55 °C. It is demonstrated that the efficiency of photoregeneration is increasing with a decrease in the light wavelength. In the region of longer wavelengths (723–630 nm), the regeneration degree (RD) was low and ranged from 12% to 15%. In the region of shorter wavelengths (518–412 nm), the RD rose from 35% for 518 nm to 94% for 412 nm. The efficiency of photoregeneration is also shown to be higher in comparison with the temperature regeneration efficiency. In order to understand the chemism of photoregeneration processes, the electrical measurements are supplemented with Raman and near-ambient pressure X-ray photoelectron spectroscopy (NAP-XPS) studies. The spectroscopic results showed that nitrogen dioxide bonds to the Zn atom in ZnPc in the form of NO2− and NO−, i.e., partial decomposition of NO2 molecules occurs during the interaction with the surface. NAP-XPS spectra proved that light illumination of the ZnPc surface is essential for almost complete desorption of NOx species. At the same time, it is demonstrated that in case of long-time exposure or exposure of a ZnPc chemiresistor with a high concentration of NO2, the oxygen, released due to the NO2 decomposition, slowly but irreversibly oxidizes the layer. This oxidation process is most probably responsible for the sensor deactivation observed in sensor experiments with high NO2 concentrations. Based on these studies, the mechanism of nitrogen dioxide interaction with zinc phthalocyanine both under LED illumination and in dark conditions is proposed, and a special method for the sensor operation called “constant exposure dose” is established.