CdSe/CdS dot-in-rod (DiR) nanocrystals are an advantageous heterostructured semiconductor system with a quasi-type-II electronic band structure, which enables a rich diversity of optical manipulation of carrier excitations and interactions. Herein, the selective excitation of respective CdSe quantum dots (QDs) and CdS nanorods of the CdSe/CdS DiR nanostructure is reported, which results in the distinct presence of different types of carriers at the nanorod surface. The presence of only electrons at the surface upon CdSe QD excitation leads to photophysical interactions with ambient air, which is manifested as reversible photoluminescence (PL) of the CdSe QDs. The excitation of CdS nanorods produces holes at the surface, which induces photooxidation of the CdS surface and irreversible change in PL intensity and spectral lineshape. Benefitting from unambiguously relating carrier types to photophysical and photochemical interactions, this research also verifies that trap states at the CdS surface do not act as nonradiative recombination centers, which can be removed by photochemical reactions. Herein, distinct roles of electrons and holes in the photophysical and photochemical interactions with ambient air are identified, and a more precise understanding of the interacting mechanisms is achieved.