Magnetoresistance ͑MR͒ in Fe/Tb magnetic multilayer is studied under multiextreme conditions, i.e., high magnetic field, low temperature, and high pressure. The negative MR is observed to be 24.6% in ͓Fe͑12 nm͒ / Tb͑15 nm͔͒ 25 at 4.2 K, and MR is not saturated completely even up to 30 T. With increasing pressure, the magnitude of MR tends to be suppressed, indicating that magnetic order in the Tb layers is suppressed by applying pressure.