The photolytic and photocatalytic transformation of an antipsychotic drug asenapine with the use of H2O2 and TiO2 was studied. A method employing irradiation with a simulated full solar spectrum in the photostability chamber was applied, then the reverse-phase ultra high performance liquid chromatography with diode array detector, coupled with electrospray quadrupole time-of-flight mass spectrometer (RP-UHPLC-DAD – ESI-Q-TOF) was used for the quantitative and qualitative analysis of the processes. The developed quantitative method was fully validated, according to the International Conference on Harmonization of Technical Requirements for Registration of Pharmaceuticals for Human Use (ICH) guidelines, and the kinetic parameters of asenapine photodecomposition were compared. Nineteen phototransformation products were detected, and their probable structures – mainly hydroxylated and oxidized asenapine derivatives – were suggested. On the basis of the elucidated structures the computational prediction of their toxicity at the various endpoints, as well as bioconcentration factors and biodegradability was performed. The obtained results were then subjected to the principal component analysis (PCA). This chemometric technique facilitated comparison of the applied models, calculated properties of the TPs, and enabled visualization of relationships between them.