Mie theory is the classical problem for modeling of light scattering by spherical particles. In this paper, we perform a spherical harmonic analysis of its solution for the induced fields to reveal the physics underlying the resonant behavior predicted for scattering and absorption. We disclose the two distinct groups of current-sourced and current-free scattered fields, whose interference makes light-matter interaction resonant in Mie theory for every orbital index. Being a model, the current-free scattered fields naturally limit applicability of the classical solution. We discuss those limitations and demonstrate the ways for further refinement of the theory for description of the excitation source, sphere interface and scatterer localization.