The concept of massive spatial modulation (SM) assisted vertical bell labs space-time (V-BLAST) (SM-VBLAST) system [1] is proposed, where SM symbols (instead of conventional constellation symbols) are mapped onto the VBLAST structure. We show that the proposed SM-VBLAST is a promising massive multiple input multiple output (MIMO) candidate owing to its high throughput and low number of radio frequency (RF) chains used at the transmitter. For the generalized massive SM-VBLAST systems, we first derive both the upper bounds of the average bit error probability (ABEP) and the lower bounds of the ergodic capacity. Then, we develop an efficient error correction mechanism (ECM) assisted compressive sensing (CS) detector whose performance tends to achieve that of the maximum likelihood (ML) detector. Our simulations indicate that the proposed ECM-CS detector is suitable both for massive SM-MIMO based point-to-point and for uplink communications at the cost of a slightly higher complexity than that of the compressive sampling matching pursuit (CoSaMP) based detector in the high SNR region.