Bandgap engineering plays a vital role in material development and device optimization due to its significant impact on the photovoltaic and photoelectricity properties of materials. Nevertheless, it is still a great challenge to accurately control the bandgap of semiconductors to achieve the targeted properties of materials. Recently, pressure-induced bandgap regulation has emerged as a novel and effective tool to regulate bandgap, reveal the intrinsic band nature, and construct the in-depth structure–property relationships therein. In this review, the unique techniques of microscopic in situ steady-state UV–Vis absorption spectroscopy and high-pressure diamond anvil cell are introduced. This technique provides a powerful method to monitor the bandgap behaviors at high pressure. Then, the pressure-triggered bandgap responses are outlined based on several typical semiconductors, including metal halide perovskites, inorganic quantum dots, piezochromic molecular compounds, and two-dimensional semiconductor materials. The summarized structural effects on bandgap evolution and the general principles for bandgap engineering under high pressure are expected to provide guidance for further material design under ambient conditions. Microscopic absorption spectroscopy detection under high pressure is proven to be an ideal platform for developing functional materials and high-performance devices.