The electrical resistance, magnetization and magnetoresistance of La_1.32Sr_1.68Mn₂O₇ layered manganite have been studied under hydrostatic pressure and magnetic field. At ambient pressure, the temperature dependence of the magnetization shows a ferromagnetic to paramagnetic transition at 118 K. Close to this transition, we have also observed a metal-insulator transition at T T¹_MI in the temperature dependence of the resistivity ρ(T) measurement. The increasing pressure enhances a second metal-insulator transition T²_MI at a critical pressure 6 ≤ P_C ≤ 7 kbar. With further increasing pressure, both the T¹_MI and T²_MI shift to high temperatures and the peak resistivity suppresses abruptly. We could not observe any transition correspond to T²_MI in the temperature dependence of the magnetization up to 10.2 kbar. A large negative tunneling magnetoresistance was observed around T_C in the field dependence of the ρ(T) curves and the pressure reduces magnetoresistance ratio significantly. From our results, we argue that the increasing pressure induces a canted ferromagnetic order which leads to a ferromagnetic insulating phase at low temperature.