We have studied the effect of pressure on the electronic structure of bcc and bct iron within the local spin density approximation (LSDA) for the electronic exchange and correlation. We report calculations of the magneto-optical properties of ferromagnetic iron in the bcc and bct phases using the full potential linearized augmented plane wave (FPLAPW) method as implemented in the WIEN2K code. In both phases, we find two prominent minima in Kerr rotation. In bcc phase, both the calculated Kerr minima shift towards higher energies with increase in pressure while in bct phase, the low energy minimum in Kerr rotation spectra ∼2eV becomes less pronounced and the minimum at ∼7eV moves towards higher energies on increasing pressure.