Mixed-halide perovskites enable bandgap engineering for tandem solar cell and light-emitting diode applications. However, photoinduced halide phase segregation introduces a compositional instability, that is, formation of I-rich and Br-rich phases, which compromises photovoltaic efficiency and stability. While optical and structural studies of the photoinduced phase segregation in mixed-halide perovskites have been reported, its impact on the material stability is missing. Here, a detailed compositional analysis of mixed-halide perovskite films using x-ray and ultraviolet photoelectron spectroscopy (UPS) was carried out to determine how their stability in various environments depends on the halide ratio. A series of perovskite thin films were fabricated with the composition CH3NH3Pb(IxBr1−x)3, where x = 0.00, 0.25, 0.50, 0.75, and 1.00, and analyzed under different conditions, such as exposure to light in ambient and in nitrogen atmosphere, as well as storage in the dark. From the spectroscopy results, complemented with structural and optical properties, it was found that the deletion of halide ions from the surface is facilitated in mixed-halide perovskites in comparison with pure halide perovskites. A higher stability was found for the mixed-halide perovskite containing less than 25% Br, and it decreases with increasing Br content. This study also established the effect of the Br/I ratio on the energy landscape of the materials. The UPS spectra reveal that photoinduced degradation results in a mismatch of the energy levels at the perovskite/transport layer interface, which may limit the collection of charge carriers. These findings correlate well with the photovoltaic device stability under similar degradation conditions.