AbstractThe atomic structures, electronic structures, magnetic properties, and spin states of BiCoO3 multiferroic material under hydrostatic pressure are comprehensively investigated by using first‐principles calculation based on density functional theory. Firstly, we found the pressure‐tuned structural symmetry transition from tetragonal P4 mm (No. 99) to cubic Pmm (No. 221) space group. The structural transformation prompts the Co─O polyhedral coordination transfer from a CoO5 pyramidal to a CoO6 distorted octahedron. Secondly, the pressure‐induced magnetic change from C‐type antiferromagnetic state to ferromagnetic state and then to paramagnetic configuration occurred after continuous compression of the volume. Essentially, the fundamental reason for the transition of the magnetic structure lies in the change of the internal atomic structure, such as the pressure induced abrupt changes of Co─O bond length and <Co─O─Co> bond angle. Meanwhile, an obvious volume collapse was observed when the pressure was applied to 51–56 GPa. Finally, as the pressure increases, the magnetism changes from C‐type antiferromagnetic state to paramagnetic configuration, accompanying the transformation from high spin state with b2g2eg2a1g1b1g1 configuration in pyramid structure to low spin state with t2g6eg0 in octahedral field. Therefore, our results demonstrate that applied hydrostatic pressure in BiCoO3 can trigger the transformation of structure, magnetism, charge, and spin state.