To address the large spread in the bulk modulus value of TiB2 reported in literature, high pressure compressibility study of a phase pure polycrystalline sample has been carried out using in situ high pressure x-ray diffraction technique (HPXRD) in angle dispersive mode. The study has been done up to 23 GPa at ambient temperature with methanol-ethanol-water (MEW) as pressure transmitting medium. The hexagonal lattice has been found to be stable in the pressure range studied. The isothermal bulk modulus is estimated to be 333(6) GPa by employing 3rd order Birch–Murnaghan equation of state. The obtained high value of bulk modulus is understood in terms of band filling effect, and the nature of bonding between B–B and Ti–B in TiB2. Compressibility along ‘a’ and ‘c’ axis is found to be anisotropic with compressibility values of 0.93(2) TPa−1 and 1.14(2) TPa−1 respectively. From the estimated bond lengths for Ti–B and B–B it is found that B–B bonds are less compressible compared to Ti–B bonds which is in accordance with the respective nature of Ti–B and B–B bonds. A change in the rate of bond contraction was seen around 12 GPa which is due to the bond hardening for both Ti–B and B–B bonds with pressure.