The traditional buckling model is based on the assumption of homogeneous material. However, for nonoriented electrical steel with high-temperature phase transformation, the transverse differences of temperature and phase transformation during the hot finishing rolling result in uneven distribution of material properties in the dual-phase region. In order to study the effect of inhomogeneous material on the postbuckling behavior of strip, the relationships between tangent modulus and temperature in the austenite region and ferrite region are firstly obtained by hot compression experiments. Secondly, the transverse distribution function of tangent modulus is calculated according to the distributions of temperature and phase structure in the dual-phase region. Finally, the large deflection theory of thin plate is modified, and the elastic modulus constant is replaced by the distribution function of tangent modulus. The post-buckling model considering inhomogeneous material is established to analyze the effect of temperature and phase transformation on the wave height. The results show that strip thickness and tension have great effect on the post-buckling deformation of global longitudinal wave, but little effect on local longitudinal wave. The temperature drop and phase transformation at the strip edge have no significant effect on the wave heights of global and local center waves, but they reduce the wave heights of global and local edge waves by 6% and 20%, respectively.