The distinctive features of the loss of stability of elastic solids which undergo phase transitions are investigated for the case of small deformations. The non-uniqueness of the solution of the boundary-value problem for the describing of the thermodynamic equilibrium of a two-phase body is caused by the non-linearity associated with the unknown interface. The solution can be chosen by comparing the potential energies of the body in the two-phase and single phase states and by analysing of the local stability of the two-phase states. A linearized boundary-value problem is formulated which describes infinitesimal small perturbations of an initial two-phase state which is in thermodynamic equilibrium. Analysis of the stability of the two-phase state reduces to an investigation of the bifurcation points and the behaviour of the small solutions of the system of integrodifferential equations in terms of functions describing the perturbations of the interface. The problem of the non-uniqueness and loss of stability of centrisymmetric equilibrium two-phase deformations is investigated as an example. A theorem concerning the number of centrisymmetric solutions is proved. The energy changes accompanying the formation and development of two-phase states and the stability of the solutions obtained are investigated. The concept of topological instability as a bifurcation is introduced, as a result of which the type of geometry of a solution of the boundary-value problem changes and surfaces of separation of the phases actually appear and disappear. Macrodiagrams of the deformational are constructed which demonstrate the effect of deformation softening in the path of a phase transition.