Anti-Stokes luminescence of up-converting nanocrystals SrF₂:Yb³⁺,Er³⁺ can be used as a high pressure optical sensor alternative to the ruby fluorescence-scale. In nanocrystalline SrF₂:Yb³⁺,Er³⁺, high pressure reversibly shortens the emission lifetimes nearly linearly up to 5.29 GPa at least. Its advantage is the use of NIR (≈980 nm) radiation, highly penetrable for many materials. The shortening of up-conversion lifetimes has been attributed mainly to the changes in energy transfer rates, caused by decreased interatomic distances and increased overlap integrals between 4f electrons and the valence shells of ligand ions. The origin of high-pressure effects on the luminescence intensity, band ratio and their spectral position has been explained by the increased interactions and distortions of the crystal-field symmetry around the emitting ions in the compressed structure.