Shear bands in amorphous alloys have been widely observed in uniaxial tension and compression experiments, reflecting strain localization, with plastic deformation occurring within the shear bands. In many instances, failures of bulk metallic glasses (BMGs) occur along the dominant shear bands. In this study, phase transformation theory is applied to investigate the mechanical properties of shear bands, focusing on the analysis of the two-phase deformations. The shear bands and the regions outside them are treated as two distinct phases in equilibrium. The deformation gradient tensor across the interface between these phases is discontinuous. By applying the jump conditions, governing equations are derived. As a case study, the shear bands and surrounding regions of plastic BMGs under uniaxial compression are analyzed, enabling the calculation of the stress associated with phase transformation and the inclination angle of the shear bands. The results obtained from this theoretical model align well with existing experimental and simulation data.