Ming-Qing hardwood furniture represents a significant component of Chinese cultural heritage, where surface appearance and material authenticity are closely linked. However, progressive color fading is widely observed, gradually diminishing both visual integrity and historical value. Despite its prevalence, the mechanisms behind this deterioration remain insufficiently understood, particularly regarding material-specific responses and environmental influences. This study examined five representative hardwood species commonly used in Ming-Qing furniture: Pterocarpus indicus (red sandalwood), Dalbergia odorifera (Huanghuali), Pterocarpus macrocarpus (rosewood), Dalbergia cochinchinensis (Siamese rosewood), and Senna siamea (ironwood). Specimens with waxed finishes, lacquered coatings, and untreated surfaces were subjected to controlled light and environmental ageing. Variations in chemical structure, surface morphology, and color were analyzed using Fourier transform infrared spectroscopy (FTIR), scanning electron microscopy (SEM), and colorimetry to capture the fading process from multiple perspectives. The results revealed clear differences in fading behavior among species, largely governed by intrinsic chemical composition. P. indicus demonstrated relatively high stability, whereas P. macrocarpus showed greatest susceptibility to color change. Ultraviolet (UV) radiation was identified as the primary driving factor, promoting lignin degradation, extractive oxidation, and microstructural damage. Surface treatments also affected performance: lacquered layers offer short-term protection, while waxed layers maintained more stable behavior over prolonged exposure. Overall, fading arises from the combined effects of light exposure, material properties, and surface condition. These findings provide a scientific basis for developing targeted conservation strategies for hardwood furniture.