A constitutive model for serrated flow together with a finite element (FE) analysis was developed to simulate discontinuous yielding behavior of metallic glasses, commonly known as serrated flow inhomogeneous deformation. The constructed model is based on transient behavior resulting from the time dependence of the flow defect concentration in the shear bands. The computed results of stress-strain curves were consistent with the experimental data. The main features of the serrated flow effect have also been exhibited by the model.