The compressibility effects have been studied on the internal wave modes and Rayleigh-Taylor (R-T) instability in a magnetized strongly coupled dusty plasma (SCDP). A dusty fluid model is constructed considering the effects of weakly coupled electrons/ions and strongly coupled dust grains under the influence of the gravitational field. The effects of the magnetic field and viscoelastic coefficients have been incorporated under the generalized hydrodynamic (GH) fluid description in a quasineutral dusty plasma. The dispersion relation of R-T instability is derived analytically and discussed in the strongly coupled limit. The compressibility effects have appeared in the internal wave modes, significantly modifying the R-T instability criterion and growth rates. The Coulomb coupling parameter and dust magnetosonic speed suppress the growth rate of the R-T instability in a compressible SCDP.