A high-sensitivity fiber-optic photoacoustic sensor with pressure compensation is proposed to analyze the decomposition component SO2 in high-pressure gas insulation equipment. The multiple influence mechanism of pressure on photoacoustic excitation and cantilever detection has been theoretically analyzed and verified. In the high-pressure environment, the excited photoacoustic signal is enhanced, which compensates for the loss of sensitivity of the cantilever. A fiber-optic F-P cantilever is utilized to simultaneously measure static pressure and dynamic photoacoustic wave, and a spectral demodulation method based on white light interference is applied to calculate the optical path difference of the F-P interferometer (FPI). The real-time pressure is judged through the linear relationship between the average optical path difference of FPI and the pressure, which gives the proposed fiber-optic photoacoustic sensor the inherent advantages of being uncharged and resistant to electromagnetic interference. The average optical path difference of FPI is positively related to pressure, with a responsivity of 0.6 μm/atm, which is based on changes in the refractive index of gas. In the range of 1-4 atm, the SO2 sensor has a higher detection sensitivity at high-pressure, which benefits from the pressure compensation effect. With the pressure environment of gas insulation equipment at 4 atm as the application background, the SO2 gas is tested. The detection limit is 20 ppb with an averaging time of 400 s.