A theoretical model referring to mode selection of Z-pinch-driven magneto-Rayleigh-Taylor (MRT) instability, which explains the generation of fundamental instability mode and evolution of fundamental wavelength in experiments, is proposed on the basis of the Landau theory of phase transition. The basic idea of this phase transition model lies in that the appearance of MRT instability pattern can be considered as a consequence of the spontaneous generation of interfacial structure like the spontaneous magnetization in a ferromagnetic system. It is demonstrated that the amplitude of instability is responsible for the order parameter in the Landau theory of phase transition and the fundamental wavelength appears to play a role analogous to inverse temperature in thermodynamics. Further analysis indicates that the MRT instability is characterized by first order phase transition and the fundamental wavelength is proportional to the square root of energy entering into the system from the driving source. The theory predicts that the fundamental wavelength grows rapidly and saturates reaching a limiting wavelength of the order of the liner's final outer radius. The results given by this theory show qualitative agreement with the available experimental data of MRT instability of liner implosions conducted on the Sandia Z machine as well as Primary Test Stand facility at the Institute of Fluid Physics.