The effect of time on the characteristic parameters of Pb/p-Si Schottky diodes has been presented as a function of hydrostatic pressure. Current-voltage curves of the Pb/p-Si Schottky diodes have been measured at immediate, 15, 30, 60, and 120 min intervals under 1, 2, and 4 kbar hydrostatic pressure. It has been found that the values of the ideality factor have been approximately unchanged with increasing time. On the other hand, the barrier height of the Pb/p-Si structure slowly increase with increasing time, while these parameters also change with hydrostatic pressure. The diode shows nonideal current-voltage behaviour with an ideality factor greater than unity that can be ascribed to the interfacial layer and the interface states. In addition, the Schottky barrier height increases with a linear pressure coefficient of 92 meV/kbar, which is higher than the pressure coefficient of the silicon fundamental band gap.