The ab initio/Rice-Ramsperger-Kassel-Marcus (RRKM) approach has been applied to investigate the photodissociation mechanism of benzene at various wavelengths upon absorption of one or two UV photons followed by internal conversion into the ground electronic state. Reaction pathways leading to various decomposition products have been mapped out at the G2M level and then the RRKM and microcanonical variational transition state theories have been applied to compute rate constants for individual reaction steps. Relative product yields (branching ratios) for C(6)H(5)+H, C(6)H(4)+H(2), C(4)H(4)+C(2)H(2), C(4)H(2)+C(2)H(4), C(3)H(3)+C(3)H(3), C(5)H(3)+CH(3), and C(4)H(3)+C(2)H(3) have been calculated subsequently using both numerical integration of kinetic master equations and the steady-state approach. The results show that upon absorption of a 248 nm photon dissociation is too slow to be observable in molecular beam experiments. In photodissociation at 193 nm, the dominant dissociation channel is H atom elimination (99.6%) and the minor reaction channel is H(2) elimination, with the branching ratio of only 0.4%. The calculated lifetime of benzene at 193 nm is about 11 micros, in excellent agreement with the experimental value of 10 micros. At 157 nm, the H loss remains the dominant channel but its branching ratio decreases to 97.5%, while that for H(2) elimination increases to 2.1%. The other channels leading to C(3)H(3)+C(3)H(3), C(5)H(3)+CH(3), C(4)H(4)+C(2)H(2), and C(4)H(3)+C(2)H(3) play insignificant role but might be observed. For photodissociation upon absorption of two UV photons occurring through the neutral "hot" benzene mechanism excluding dissociative ionization, we predict that the C(6)H(5)+H channel should be less dominant, while the contribution of C(6)H(4)+H(2) and the C(3)H(3)+C(3)H(3), CH(3)+C(5)H(3), and C(4)H(3)+C(2)H(3) radical channels should significantly increase.