Biaxial compressive tests of cuboid low liquid-limit clay specimens with holes under plane strain for different loading rates were conducted by use of designed loading and measuring system. The vertical pressures were applied by the testing machine, and the internal and lateral pressures were applied by gasbags. To obtain the full deformation process of clay specimens with holes during the displacement-controlled loading process, a digital camera is used to record speckle images of clay specimens with holes after internal and lateral pressures were applied and before the displacement-controlled loading was conducted. Displacements can be abfained by use of the digital image correlation method. Distributions and evolution of the maximum shear strains were measured by use of least-square fitting of local displacements that can better eliminate noises in displacements. To obtain quantitative maximum shear strains, curve monitored lines were arranged according to positions of clear shear bands, and two straight monitored lines were arranged at both sides of each curve monitored line. The following results were obtained:when the longitudinal strain reaches a certain value, high-angle strain localization bands from the top and bottom of the hole for lower loading rates developed, due to tensile failure. While there are no high-angle strain localization bands for higher loading rates, when the longitudinal strain shear strains of most monitored lines outside shear bands have decreasing tendencies as they approach the hole surface. When the longitudinal strain is higher and monitored lines are far away from the hole surface, the maximum shear strains of most monitored lines in shear bands have decreasing tendencies as they approach the hole surface. The change of the maximum shear strains of monitored lines outside shear bands are complex as they approach the hole surface.