Yttrium iron garnet (YIG, Y3Fe5O12) was examined up to 74 GPa and 1800 K using synchrotron x-ray diffraction in a diamond anvil cell. At room temperature, YIG remained in the garnet phase until abrupt amorphization occurred at 51 GPa, consistent with earlier studies. Upon laser heating up to 1800 K, the material transformed to a single-phase orthorhombic GdFeO3-type perovskite of composition (Y(0.75)Fe(0.25))FeO3. No evidence of decomposition of the sample was observed. Both the room-temperature amorphization and high-temperature transformation to the perovskite structure are consistent with the behaviour of other rare earth oxide garnets. The perovskite sample was compressed between 28-74 GPa with annealing to 1450-1650 K every 3-5 GPa. Between 46 and 50 GPa, a 6.8% volume discontinuity was observed without any accompanying change in the number or intensity of diffraction peaks. This is indicative of a high-spin to low-spin electronic transition in Fe(3+), likely in the octahedrally coordinated B-site of the perovskite. The volume change of the inferred spin transition is consistent with those observed in other rare earth ferric iron perovskites at high pressures.