We report the results of a photometric multisite campaign devoted to HD 35914, the variable central star of the Planetary Nebula IC 418. From the analysis of 120 hours of data acquired with a variety of techniques, we find that HD 35914 exhibits two distinct kinds of variability: irregular light modulation with a time scale of days, as well as cyclic variations with a time scale of 6.5 hours. The short-term variations are not strictly periodic, and cannot be reasonably explained by multiperiodicity; they appear to be semiregular. The star is generally redder when it is brighter; this behavior appears to be connected with the long-term variability. A re-analysis of most of the older data obtained for HD 35914 by various researchers suggests that the basic behavior of the star did not change during the last 15 years. We carefully discuss all the possible causes for the light variations of the star. Rotational modulation of surface features cannot explain the observations, and binarity is unlikely. Pulsations may be excited, but wind variability (or a combination of both) can also not be ruled out.