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Density functional theory has been employed to investigate the deformation behaviors of glassy Fe-Si-B model systems prepared by <em>ab initio</em> molecular dynamics. The atomistic deformation defects which are closely related to the local dilation volumes or excess volumes and unstable bonding have been systematically analyzed. It has been found that the icosahedral structures are relatively stable under shear deformation until fracture occurs. Plastic flow is indicated by interruption of percolating icosahedral structures, caused by unstable Fe-Si bonding of <em>p</em>-<em>s</em> hybridization in nature.