Austenitic stainless steels are commonly used as structural materials in high-field superconducting magnet systems because they retain high strength, ductility, and toughness at very low temperatures, and they are paramagnetic or antiferromagnetic under the Néel temperature in their fully austenitic state. However, they are susceptible to strain-induced martensitic transformation, especially at cryogenic temperatures, which modifies the material properties, induces volume changes and additional strain hardening, and leads to ferromagnetic behavior. Thus, accurate predictions of the structural performance of these materials at very low temperatures are of great interest for the conception and design of these cryo-magnetic systems. In this paper, we propose an adequate constitutive model for the evolving bi-phase material-austenite and martensitebased on a Hill-type incremental formulation. Two different versions of the model are proposed based on the linear mean-field homogenization scheme: Mori-Tanaka and Self-Consistent. Moreover, a rate-independent nonlinear mixed kinematic-isotropic hardening law is used for each phase, and the martensitic transformation is described by the nonlinear kinetic law proposed by Olson and Cohen (1975). The constitutive model is implemented in ABAQUS/Standard through a UMAT user subroutine, for which a return mapping algorithm based on the implicit backward Euler integration scheme is used and a closed-form expression of the consistent Jacobian tensor is provided. The Mori-Tanaka and Self-Consistent approaches are evaluated in terms of their ability to describe the mechanical behavior of the bi-phase aggregate by comparing the predictions of the homogenization schemes with unit-cell finite element calculations with an explicit description of the martensite inclusions and the austenite matrix. The comparison is carried out for different stress states with controlled triaxiality and Lode parameter under monotonic and cycling loading, paying special attention to the evolution of the mechanical fields in each phase. The unit-cell calculations are performed for both constant and evolving martensite volume fractions. In addition, numerical simulations of tensile tests on samples subjected to different initial temperatures are carried out for the transforming bi-phase material and the results are compared to experimental data for AISI 304L and AISI 316LN steels.