We have investigated the influence of pressure on the magnetoelectric multiferroicity of Ba1.5Sr0.5Mg2Fe12O22 hexaferrite under hydrostatic pressures up to 3.08 GPa. The spin-induced ferroelectricity is dramatically suppressed by pressure. The electric polarization and magnetoelectric coefficient at 3.08 GPa are reduced to about half of those at 0.12 GPa. With increasing pressure, the critical magnetic field of transverse conical to longitudinal conical phase transition shifts toward higher fields and the magnetic phase temperatures shifts to lower temperatures, indicating the tunable exchange interactions by pressure. The suppression of spin-induced ferroelectricity by pressure in Ba1.5Sr0.5Mg2Fe12O22 is ascribed to the weakening of inverse Dzyaloshinskii–Moriya interaction based on the spin current model