Rapid compression combining with time-resolved measurement technology is a very powerful method to study the effect of strain rate dependence on phase transitions as well as the kinetics of phase transitions. Recently high pressure station at Beijing Synchrotron Radiation Facility (BSRF) has developed a rapid compression apparatus based on symmetry diamond anvil cell (DAC), and set up a time-resolved high pressure X-ray diffraction system using a high-frequency area detector. This work specifically presents the recent developments in the time-resolved high pressure X-ray diffraction under rapid compression, the loading performance of the rapid compression apparatus, and an example of compression rate dependent phase transition in bismuth.