In this paper, we propose a novel phrase-based model for Korean morphological analysis by considering a phrase as the basic processing unit, which generalizes all the other existing processing units. The impetus for using phrases this way is largely motivated by the success of phrase-based statistical machine translation (SMT), which convincingly shows that the larger the processing unit, the better the performance. Experimental results using the SEJONG dataset show that the proposed phrase-based models outperform the morpheme-based models used as baselines. In particular, when combined with the conditional random field (CRF) model, our model leads to statistically significant improvements over the state-of-the-art CRF method.