In this paper we report that single-walled carbon nanotubes (SWNTs) can protect surface adsorbed Rhodamine B (RhB) molecules from permanent photo-oxidation via a reversible reaction. Upon strong light irradiation at 514 nm, the SWNT-adsorbed RhB molecules were switched to a non-fluorescent form, which looked like ordinary bleaching behavior. However, after staying without light for several hours the non-fluorescent dye species turned back to the original fluorescent form. This on/off switching can be considered as a reversible photobleaching process of the dye molecules. Other irreversible photochemical pathways of RhB were strongly prohibited due to the presence of SWNTs, providing the dye molecules with a high resistance against permanent photodegradation. By determining the maximum number of reconvertable RhB molecules per unit length of the nanotubes, we have further proved that this effect only works for the first layer of adsorbed dye molecules on the SWNT surfaces.