Bistable switching materials that enable reversible transitions between distinct stable states have emerged as a transformative platform for next-generation information technologies, optoelectronics, and quantum control. The application of high pressure acts as a powerful and precisely adjustable stimulus for manipulating crystal structures, electronic configurations, and crystal fields, thereby enabling the deterministic switching of various physical properties. This review systematically examines recent advances in pressure-induced bistable transitions, including nonlinear optical switching through symmetry breaking, luminescence and color transitions mediated by bandgap engineering, insulator-metal transitions driven by electronic correlation effects, semiconductor carrier-type inversion, and spin crossover phenomena. Through comprehensive analysis integrating in situ high-pressure characterization techniques such as synchrotron X-ray diffraction, vibrational spectroscopy, spatially resolved photoluminescence mapping, nonlinear optical microscopy, and transport measurements, we establish quantitative correlations between structural evolution, local coordination changes, and macroscopic switching responses. These multimodal investigations reveal fundamental mechanisms governing bistable transitions, particularly highlighting the critical roles of pressure-controlled symmetry breaking, coordination reconstruction, lone-pair stereochemical activity, and electronic correlation tuning. Notably, certain material systems exhibit extended multistate switching characteristics in complex energy environments, providing a promising pathway beyond traditional bistability for advanced applications in high-density data storage. However, practical implementation faces significant challenges including the relatively high switching pressures required, limited reversibility in some systems, and difficulties in device integration. To address the current challenges, we propose potential solutions such as the development of diamond anvil cell-integrated micro/nanoelectrodes, fiber-optic coupled on-chip high-pressure cells, and strategies to reduce switching pressures to practical ranges. This work provides fundamental insights into the mechanisms of pressure-driven state switching and outlines practical approaches to implementing devices and reconfigurable optoelectronic systems. The integration of advanced in situ characterization techniques with theoretical understanding offers a robust framework for both fundamental research and technological applications of bistable switching materials under pressure.