Paraphrasing is a very important technique which is required by a lot of NLP applications. This paper represents a dictionary-based method of recognizing and paraphrasing periphrastic phrases and overlapping phrases. A periphrastic phrase is a phrase in which a verb does not represent an action, or a noun does not represent an agent/object of an action. An overlapping phrase is a phrase in which there is overlapping meaning between a noun and a verb. Most of these phrases have equivalent phrases which are expressed in a simpler form. The result of recognition and paraphrasing was assessed by two human judges. The result of recognition was evaluated through precision and recall, and the average precision and recall were 78% and 52% respectively. The average accuracy of paraphrasing was 91%.