Poly(3-hexylthiophene) (P3HT) has been the focus of great interest as it is widely used in organic solar cells. However, P3HT has relatively poor photochemical and thermal stability under ambient atmosphere, which leads to a reduced lifetime of the solar cells. It was therefore necessary to study the photo- and thermooxidation of P3HT. Thin P3HT films were exposed to UV-visible light irradiation and thermal ageing, both in the presence of air. Changes in the infrared spectra of the aged samples were recorded, and the oxidation products were identified. A degradation mechanism that accounted for the modifications in the infrared spectra was then developed. This mechanism confirmed that singlet oxygen plays no decisive role, as previously reported. Oxidation was shown to involve the radical oxidation of the n-hexyl side-chains and the subsequent degradation of the thiophene rings. The breaking of the macromolecular backbone resulted in a loss of π-conjugation, provoking the bleaching of the sample.