The extremely large magnetoresistance (XMR) material LaBi was reported to become superconducting under pressure accompanying with suppressed magnetoresistance. However, the underlying mechanism is unclear. By using first-principles electronic structure calculations in combination with a semiclassical model, we have studied the electron-phonon coupling and magnetoresistance of LaBi in the pressure range from 0 to 18 GPa. Our calculations show that LaBi undergoes a structural phase transition from a face-centered cubic lattice to a primitive tetragonal lattice at $sim$7 GPa, verifying previous experimental results. Meanwhile, LaBi remains topologically nontrivial across the structural transition. Under all pressures that we have studied, the phonon-mediated mechanism based on the weak electron-phonon coupling cannot account for the observed superconductivity in LaBi, and the calculated magnetoresistance for LaBi does not show a suppression. The distinct difference between our calculations and experimental observations suggests either the existence of extra Bi impurities in the real LaBi compound or the possibility of other unknown mechanism.