The effects of pressure on structural stability, anisotropic elasticities and electronic properties of η-MgZn2 phase were systematically investigated. The smooth variations of lattice parameters a/a0, c/c0 and formation enthalpy ΔH with increasing pressure suggest no structure transition occurred within the studied pressure range, and the decreasing value of ΔH indicate the better thermodynamical stability at high pressure. It is found the elastic moduli are enhanced by increasing pressure, and the large values of both B/G and Poisson's ratio indicate the ductility of η phase. Besides, the elastic anisotropies that result from the distinct atomic arrangements along different orientations are pronounced when applied to compression. Moreover, as the pressure increases, not only the chemical bonds in η exhibit stronger covalency and ionicity, but also the bonding strength in different directions increase to vary extents. This can explain the higher stability and significant elastic anisotropies of η phase at high pressure.