Bike sharing systems (BSS) have been widely accepted as an urban transport scheme in many cities around the world. The concept is recently expanded and followed by many cities to offer citizen a “green” and flexible transportation scheme in urban areas. Many works focus on the issues of bike availability while the bike performance, i.e., life cycle issues and its sustainability, for better management has been abandoned. As a consequence, mismanagement of BSS would lead to cost inefficiency and, the worst case, end with operation termination. This study proposes a design science approach by developing an Overall Bike Effectiveness (OBE) framework. By incorporating the concept of overall equipment analysis (OEE), the proposed framework is used to measure the bike utilization. Accordingly, the OBE is extended into Theoretical OBE to measure the sustainability of the early-stage of BSS. The framework has been verified and evaluated using a real dataset of BSS. The proposed method provides valuable results for benchmarking, life cycle analysis, system expansion and strategy planning toward sustainability. The paper concludes with a discussion to show the impact of the proposed approach into the real practices of BSS including an outlook toward sustainability of BSS.