Phrase snippets of large text corpora like new articles or web search results offer great insight and analytical value. While much of the prior work is focused on efficient storage and retrieval of all candidate phrases, little emphasis has been laid to the quality of the result set. In this thesis, we define phrases of interest and propose a framework for mining and post-processing interesting phrases. We focus on the quality of phrases and develop techniques to mine minimal-length maximal-informative sequence of words. The techniques developed are streamed into a post-processing pipeline and include exact and approximate match based merging, incomplete phrase detection with filtering and heuristics based phrase classification. The strategies aim to prune the candidate set of phrases down to meaningful and rich content ones. Post-processed phrases are characterized with heuristics and NLP based features and we use a supervised learning based regression model to predict their interestingness. Further, we develop and analyze ranking and grouping models for presenting the phrases to the user. Finally, we discuss relevance and performance evaluation of our techniques. Our framework is evaluated using recently released real world corpus of New York Times news articles.