In summary, we performed a systematic search for possible stoichiometries in the Mg-O system at pressures up to 850 GPa. Other than the well-known compound, MgO, we found that two more stoichiometries (MgO and MgO) become thermodynamically stable at pressures above 116 GPa and 500 GPa, respectively. Our analysis reveals that bonding in both insulating -MgO and semiconduting -MgO exhibits significantly ionic character. MgO is stabilized by the formation of the peroxide [O-O] anion, while the strong electron localization in Mg octahedron plays the role of an additional anion and makes the anion-deficient compound MgO stable. These two compounds might exist in interiors of other planets, and are thus potentially important for our fundamental understanding of the universe - in addition to presenting new striking chemical phenomena.