The authors studied the nature of mobile fronts of localized deformation that generate and propagate during deformation of metastable austenitic-martensitic TRIP steel VNS9-Sh along the entire length of the loading curve from the yield point to fracture. A joint research of the nature of the deformation fronts movement and kinetics of the magnetic phase accumulation made it possible to establish that the fronts under consideration are the fronts of the thermoelastic phase transformation of metastable austenite into martensite. This transformation is realized firstly by formation of the Chernov–Lüders bands and then the Portevin–Le Chatelier bands. Both processes are consistent with staging of the deformation curve, which contains a pseudo-plateau, a section with an increasing hardening coefficient, and a section with a decreasing hardening coefficient. It is shown that the deformation-induced phase transformation corresponds to the fronts propagating on the pseudo-plateau and on the section of loading curve with an increasing hardening coefficient. The Portevin–Le Chatelier bands, which are formed in the section of the loading diagram with a decreasing hardening coefficient, are not associated with “austenite-martensite” transformation and have a twin nature. The kinetics of thermoelastic transformation fronts, as well as deformation fronts in materials with a shear mechanism of shaping, can be described in terms of the autowave concept. On the yield plateaus, the phase transformation occurs through generation and propagation of localized plasticity switching autowaves. In the section with an increasing hardening coefficient, it continues through generation and movement of excitation autowaves. The propagation regions of excitation autowaves are limited in the sample space. They are set by the zones of origin and annihilation of primary switching autowaves which were formed on the yield plateau.