The localization of plastic deformation is discussed as "stationary discontinuity" characterized by a vanishing velocity of an acceleration wave derived using the author's proposed theory of ultrasonic wave velocities propagating in plastically deformed solids. Therefore, based on the coincidence of the onset strains between localization and acceleration waves of vanishing velocity, the diagrams of diffuse necking, localized necking and forming limit are analyzed by applying the proposed acoustic tensor, which is based on the generalized Christoffel tensor derived by the author, and solving cut off conditions of the quasi-longitudinal wave to determine the onset strains of deformation localization. The purpose of the present paper is to analyze the effect of superimposed hydrostatic pressure on the localized deformation using the proposed theory.