Abstract: The theoretical description of the electronic, magnetic, and structural properties of strongly correlated electron materials is one of the most challenging problems in condensed matter physics. In this talk, I will discuss an application of the novel computational scheme -- density functional plus dynamical mean-field theory (DFT+DMFT) to explore the pressure-induced evolution of the electronic structure, magnetic state and phase equilibria of a series of prototypical correlated materials6 such as, FeO and Fe2O3 in the vicinity of a pressure-induced Mott insulator-metal phase transition (IMT). Our results for the pressure-induced magnetic collapse and Mott IMT reveal that under pressure these materials exhibit a Mott IMT which is accompanied by a simultaneous site-selective/orbital-selective collapse of local magnetic moments and lattice volume, implying a complex interplay between chemical bonding and electronic correlations. Our results show a complex variety of different crystallographic structures in the vicinity of a Mott IMT. In addition, we propose a novel type of Mott IMT characterized by a site-selective localization/delocalization of the Fe 3d electrons within the crystallographic unit-cell. We find that electronic correlations are important to explain the lattice stability of correlated materials, e.g., in the vicinity of a pressure-induced Mott IMT.