In everyday speech, a phrase may be any group of words, often carrying a special idiomatic meaning; in this sense it is roughly synonymous with expression. In linguistic analysis, a phrase is a group of words (or possibly a single word) that functions as a constituent in the syntax of a sentence—a single unit within a grammatical hierarchy. A phrase appears within a clause, although it is also possible for a phrase to be a clause or to contain a clause within it.
There is a difference between the common use of the term phrase and its technical use in linguistics. In common usage, a phrase is usually a group of words with some special idiomatic meaning or other significance, such as "all rights reserved", "economical with the truth", "kick the bucket", and the like. It may be a euphemism, a saying or proverb, a fixed expression, a figure of speech, etc.
In grammatical analysis, particularly in theories of syntax, a phrase is any group of words, or sometimes a single word, which plays a particular role within the grammatical structure of a sentence. It does not have to have any special meaning or significance, or even exist anywhere outside of the sentence being analyzed, but it must function there as a complete grammatical unit. For example, in the sentence Yesterday I saw an orange bird with a white neck, the words an orange bird with a white neck form what is called a noun phrase, or a determiner phrase in some theories, which functions as the object of the sentence.