By adding external velocity terms, the two-dimensional time-dependent Ginzburg-Landau (TDGL) equations are modified. Based on this, the phase separation in binary lipid membrane under externally imposed oscillatory shear flow is numerically modeled employing the Cell Dynamical System (CDS) approach. Considering shear flows with different frequencies and amplitudes, several aspects of such a phase evolving process are studied. Firstly, visualized results are shown via snapshot figures of the membrane shape. And then, the simulated scattering patterns at typical moments are presented. Furthermore, in order to more quantitatively discuss this phase-separation process, the time growth laws of the characteristic domain sizes in both directions parallel and perpendicular to the flow are investigated for each case. Finally, the peculiar rheological properties of such binary lipid membrane system have been discussed, mainly the normal stress difference and the viscoelastic complex shear moduli.