Nitrobenzene is the simplest nitroaromatic compound and yet is characterized by a challenging and rich photophysics and photochemistry. In the present contribution, the main decay paths undertaken by the system after UV absorption from both the brightest (Lππ*) and the lowest (nπ*) singlet excited states have been characterized by means of CASPT2//CASSCF computations. The obtained results match with the main photophysical properties experimentally reported: the lack of fluorescence and phosphorescence emission is justified by the presence of accessible conical intersections and intersystem crossing regions between, respectively, the (nπ*) and (nπ*) states and the ground state, while the high triplet quantum yield is attributable to the strong coupling between the (nπ*) and (ππ*) states along the main decay path of the former. Two not previously reported singlet-triplet crossing regions, termed (T1/S0) and (T1/S0), have been here documented, from which the ground state can decay toward NO and phenoxy radical production and toward the formation of an epoxide ring structure, respectively. A possible mechanism leading to the photoisomerization of the nitro into the nitrite group, believed to be a key step in the photodegradation of nitrobenzene, has been proposed, based on the geometrical deformation recorded along the decay path leading from the (nπ*) state back to the original ground state through a conical intersection characterized by a significant shortening of the carbon-nitrogen bond.