Recent advances in using the hydrothermal diamond anvil cell (HDAC) to measure homogenization temperatures of inclusions trapped at high pressure have created a need to better understand changes in elastic volume of fluid inclusions experiencing high internal and external pressures. We have used finite element modeling to explore volume changes of fluid inclusions as a function of shape and distance from the free surface at a sample’s edge as an aid in understanding their behavior in HDAC studies. We have modeled a variety of oblate and prolate ellipsoids, as well as a disk that has the same cross-section as a negative crystal in quartz and two right cylinders. All of our models have an axisymmetric geometry and assume linear isotropic elasticity. We find that the percent change in volume of an inclusion is primarily a function of the aspect ratio of the inclusion. The presence or absence of corners and the sharpness of internal corners also affect the volume change, but to a lesser extent. Distance to a free surface is only significant for inclusions that are very close to the free surface. This effect is most pronounced for an oblate ellipsoid oriented with its long dimensions parallel to the free surface. For microthermometric studies of fluid inclusions at 1 atm, the changes in elastic volume due to increases in internal pressure are negligible. However, for HDAC studies, where the application of confining pressure allows more extreme conditions to be obtained, changes in elastic volume can be significant, but can be predicted using finite element models.