Negative thermal expansion material TaVO5 is recently reported to have pressure induced structural phase transition and irreversible amorphization at 0.2 and above 8 GPa, respectively. Here, we have investigated the high pressure phase of TaVO5 using in situ neutron diffraction studies. The first high pressure phase is identified to be monoclinic P2(1)/c phase, same as the low temperature phase of TaVO5. On heating, amorphous TaVO5 transformed to a new crystalline phase, which showed signatures of higher coordination of vanadium indicating pressure induced amorphization (PIA). PIA observed in TaVO5 might be due to the kinetic hindrance of pressure induced decomposition (PID) into a compound with higher coordination of vanadium. Mechanism of PIA observed in TaVO5 is investigated by carrying out ex situ Raman, XRD, XPS, and XAS measurements. We have also proposed a pressure-temperature phase diagram of TaVO5 qualitatively boundaries between the ambient orthorhombic, monoclinic, and amorphous phases.