Nystatin, one of the tetraene antifungal antibiotics, is very sensitive to light. Thus, when nystatin is exposed to natural daylight, it is photodegraded to products of lower biological activity. In this work, the photodegradation kinetics of nystatin was monitored by a UV-Vis spectrophotometry method. The absorbance spectra of the nystatin, exposed to a 366 nm UV lamp, were recorded at different periods of time. By application of factor analysis to the absorbance data matrix, three absorbing chemical species, coexisting in the reaction system, were detected. The soft-modeling multivariate curve resolution-alternating least squares analysis of the evolutionary absorbance data revealed that nystatin undergoes photodegradation in a two-step consecutive manner. Hard-modeling data analysis suggested that reaction has first-order kinetics in the first step and zero-order kinetics in the second step. The reaction rate constants of the first and second steps were estimated as 0.0929 (+/-0.0076) and 0.0052 (+/-0.0016)/min, respectively. Finally, the pure spectra of the resolved chemical species were calculated.