Instability-induced pattern transformations of the architectured multi-phase soft metamaterial under bi-axial compression were explored. The soft metamaterial is composed of two phases: a soft matrix and a reinforcing hexagonal network embedded in the matrix. Equi-biaxial loading is found to induce both micro- and macro- instabilities in the networked architecture. Two types of instability patterns were observed, dependent upon the architecture geometry and the material combination. The critical strain for triggering instability and the two resulting types of patterns was derived, and a theoretical criterion for the transition between the two patterns was determined. Type I patterns retain the original periodicity of the architecture but wrinkles the network walls whereas Type II patterns transform the overall periodicity of the architecture while bending the network walls. Elastic wave propagation analysis was performed for the two distinct patterns under both stressed and stress-free conditions: a change in band gaps is found for both instability-induced pattern transformations, but differs for each type due to their dramatic difference in structure transformation (i.e. Type I wall wrinkling vs. Type II periodicity switching). The distinguished mechanical behavior and the rich properties of this category of multi-phase soft metamaterial can be used to design new smart materials with switchable functionalities controllable by deformation.