Wood, a natural and renewable material, is extensively utilized in furniture, construction, and outdoor landscapes due to its sustainability and esthetic appeal. However, exposure to environmental elements, particularly sunlight, leads to photodegradation, affecting wood’s chemical and physical structure. This degradation results in color fading, increased surface roughness, and reduced mechanical properties, shortening the lifespan of wooden products. Artificial accelerated photodegradation tests have become a crucial method for studying wood’s aging process under controlled laboratory conditions, mimicking prolonged exposure to sunlight. This review explores the mechanisms behind wood photodegradation, focusing on the effects of UV radiation on wood’s major components—cellulose, hemicellulose, lignin, and extractives. Additionally, it summarizes the latest advancements in experimental design for artificial aging tests, including factors like radiation source selection, temperature, and humidity control. The paper also highlights performance characterization methods for evaluating the impact of photodegradation on wood’s physical, chemical, and mechanical properties. Understanding these processes is essential for enhancing the durability of wood products and developing effective treatments for wood preservation in outdoor environments.