Abstract <p>The effect of pressure on the Curie temperature of magnetite is examined using the random exchange interaction field method. It is known that compression of the crystal lattice leads to increased overlap of electronic orbitals, which enhances exchange interaction and increases the Curie temperature. A parametric model of pressure dependence of the Curie temperature, which takes into account the magnetic Grüneisen parameter and isothermal compressibility, is constructed. The obtained theoretical results are in good agreement with experimental data, demonstrating linear dependence of the Curie temperature on pressure. The model can be used to analyze implications of lithostatic and shock pressure for the magnetic properties of magnetite and related minerals, which is important for the correct interpretation of paleomagnetic data.</p>