The pressure-induced B3-B1 structural phase transition and some interesting thermodynamic properties for high-pressure B1 structure of cubic copper iodide (CuI) have been studied systematically using first-principles calculations based on density functional theory. It is found that CuI has a B3 ground-state phase at zero pressure and the transition pressure from B3 to B1 structure determined by the relative enthalpy versus pressure curves is about 6.9 GPa with a volume contraction of 14.42%. As a high-pressure phase, the B1 structure will be mechanically stable up to 57 GPa according to the generalized elastic stability criteria. Through the quasi-harmonic Debye model, the dependences of the primitive cell volume, isothermal bulk modulus, volumetric thermal expansion coefficient, heat capacity, entropy, and Debye temperature of CuI with high-pressure B1 phase on pressure and temperature are successfully predicted. The thermodynamic properties are summarized in the pressure range of 0–50 GPa and the temperature up to 800 K.