First principles structural prediction and molecular dynamics (MD) calculations have been performed to examine the structures responsible for the recently reported metallic and superconducting phases of highly compressed CS2. The low pressure experimental molecular crystal structure was found to be metastable and transformed into a disordered structure above 10 GPa. At 60 GPa, the predicted low energy structures show molecular CS2 is separated into C and S dominant regions. A crystalline structure with the P21/m symmetry was found to be most stable from 60 to 120 GPa. The structure is formed from alternate layers of hexagonal C rings and S 2D-square-nets linked by C-S bonds. A non-crystalline structure with similar features structure is also predicted by MD calculations. Electron-phonon coupling calculations show this crystalline phase is superconductive. Contrary to the suggestions made from the experiments, no magnetism was found in all predicted low enthalpy high pressure structures. Moreover, the theoretical results do not support the proposal on the existence of hypervalent 6-coordinated carbon at 120 GPa.