In this work, we propose a novel phase-field formulation to model the formation and propagation of compaction bands in high-porosity rocks. Our formulation takes into account the effects of inertia and degradation mechanisms during dynamic strain localization \cite{wang2023}. Our model incorporates a new coupling brittle-plastic driving force, composed of both brittle-like fracture and plastic-driven failure mechanisms of deformation bands formation. The robust numerical solution strategy captures the stable solutions of displacement fields and phase-field variables during dynamic strain localization. This model was validated by simulating a benchmark problem involving a cylindrical specimen of Bentheim sandstone in triaxial compression. The numerical results agree well with the reported phase-field simulations of compaction bands \cite{ip2022}. The effects of notched shapes and confining pressures, as well as the effects of loading rates on the localization failure behavior are analyzed via a series of numerical simulations. The results demonstrate the effectiveness of our formulation in modeling the formation and propagation of compaction bands in high-porosity rocks.