In the current study, the influence of pressure and steam on the emission formation in a premixed natural gas flame is investigated at pressures between 1.5 bar and 9 bar. A premixed, swirl-stabilized combustor is developed that provides a stable flame up to very high steam contents. Combustion tests are conducted at different pressure levels for equivalence ratios from lean blowout to near-stoichiometric conditions and steam-to-air mass ratios from 0% to 25%. A reactor network is developed to model the combustion process. The simulation results match the measured and CO concentrations very well for all operating conditions. The reactor network is used for a detailed investigation of the influence of steam and pressure on the formation pathways. In the experiments, adding 20% steam reduces and CO emissions to below 10 ppm at all tested pressures up to near-stoichiometric conditions. Pressure scaling laws are derived: CO changes with a pressure exponent of approximately −0.5 that is not noticeably affected by the steam. For the emissions, the exponent increases with equivalence ratio from 0.1 to 0.65 at dry conditions. At a steam-to-air mass ratio of 20%, the pressure exponent is reduced to −0.1 to +0.25. The numerical analysis reveals that steam has a strong effect on the combustion chemistry. The reduction in emissions is mainly caused by lower concentrations of atomic oxygen at steam-diluted conditions, constraining the thermal pathway.