Producing dry-cured meats with relatively high aw and pH allows companies to cut costs to the detriment of microbial control. The purpose of this study was to evaluate for the first time the effect of High Processing Pressure (HPP) and storage temperature on the microbial counts, instrumental color, oxidation and sensory characteristics of sliced Iberian chorizo with high aw and pH. First, 600 MPa was applied for 480 s to sliced chorizo with aw: 0.88 and pH: 6.01, and the treated and untreated samples were stored at 4 or 20 °C for 90 or 180 days. HPP, storage time and storage at 20 °C were successful at decreasing the microbial counts that were initially high. HPP and the storage temperature had a limited detrimental effect, whereas the storage time had a marked adverse effect on oxidation and some sensory traits. Despite the high aw and pH, no safety issues arose initially or during the storage at 4 or 20 °C. In conclusion, for chorizo with high aw and pH favoring high microbial counts, HPP may be an effective hurdle without a noticeable detrimental effect, and the economically convenient storage at 20 °C might be beneficial despite causing moderate quality loss.