In recent years, bicycle sharing system has gradually become one of the main ways of short distance travel for residents, but the problem of unbalanced between the allocation of bicycles and user's need remains to be solved. In order to study the location and allocation of shared bicycles, the concept of shared bicycle regional allocation and virtual station is presented, a shared bicycle network is built, and also a shared bicycle regional allocation planning model which based on bi-level programming is proposed. The upper model aims at minimizing the total travel cost of users, and considers the constraints of enterprises and users, which is the optimal model of the system, while the lower part is a system user equilibrium model. A hybrid genetic algorithm and particle swarm optimization algorithm is proposed to solve this model. Finally, a case study is conducted on the background of shared bicycle travel data in a mediumsized city, to verified the effectiveness of the model and algorithm in the actual. The result shows that this model can determine the location and allocation of the virtual stations in each region, thus can provide a scientific and reasonable basis for the deployment of sharing bicycles.