The incremental constitutive relation and governing equations with combined stresses for phase transition wave propagation in a thin-walled tube are established based on the phase transition criterion considering both the hydrostatic pressure and the deviatoric stress. It is found that the centers of the initial and subsequent phase transition ellipses are shifted along the σ-axis in the στ-plane due to the tension-compression asymmetry induced by the hydrostatic pressure. The wave solution offers the “fast” and “slow” phase transition waves under combined longitudinal and torsional stresses in the phase transition region. The results show some new stress paths and wave structures in a thin-walled tube with phase transition, differing from those of conventional elastic-plastic materials.