The physical properties of ScFe2 Laves phases with cubic (C15) and hexagonal (C14, C36) structures under ambient and high pressures are studied using the first-principles method and provide a comprehensive and in-depth analysis of the magnetic, elastic and dynamical properties. The spin magnetic moments of three structures decrease as pressure increases, and in the C36 structure, the spin reversal of Fe (6h) moment near 90 GPa is found. The critical pressures of magnetic collapse for the C14, C15 and C36 structures are 90, 160, and 170 GPa, respectively. The C15 structure is the most thermodynamically stable phase below 44.4 GPa, and a phase transition from C15 to C14 structure is observed. In the thermodynamic stability pressure range, with 0–44.4 GPa for C15 structure and 44.4–90 GPa for C14 structure, the C15 and C14 structures are both dynamically and mechanically stable. The C14 and C15 structures under high pressure are ductile structures with significant differences in elastic properties and anisotropy. Finally, the Debye temperature and sound velocity under high pressure are discussed in detail.