The effects of pressure and of the composition of the CO2/ethanol mixed solvent in the critical region on the kinetics of the decomposition of 2,2'-azobis(isobutyronitrile) (AIBN) were studied at 333.15 K. The rate constants (kd) in the mixed solvent far from the critical point and in liquid n-hexane and ethanol were also determined for comparison. It was found that kd is very sensitive to pressure in the mixed solvent near the critical point. However, in the mixed solvent outside the critical region kd is nearly independent of pressure. Interestingly, kd in the mixed solvent in the critical region can be higher than that in ethanol at the same temperature, suggesting that no significant enhancement in the reaction rate by a small pressure change in the critical region of the mixed solvent can be achieved by changing the composition of the liquid solvent in the traditional way. Transition-state theory can predict kd in the mixed solvent far from the critical point and in the liquid solvents well. However, it cannot predict kd in the mixed solvent in the critical region. The special intermolecular interaction between the solvent and the reaction species may contribute to this interesting phenomenon. This work also shows that if pure CO2 or ethanol are used as solvents, the reaction cannot be carried out in the critical region of the solvents at the desired temperature, while it can be conducted in the critical region of the mixed solvent of suitable composition, where the solvent is highly compressible.