A method and system for neighbor relation management in wireless broadband networks is disclosed. The method includes dynamically selecting, by a Serving Base Station (SBS), a set of signal measurement reports from a plurality of signal measurement reports received within a predefined time interval. The method further includes sampling, by the SBS, signal level values of a plurality of configured Neighboring Base Stations (NBSs) and at least one new NBS, from the set of signal measurement reports, for a predefined sampling time period. The method includes computing, by the SBS, a retention factor for each of the plurality of configured NBSs and each of the at least one new NBS, in response to sampling the signal level values.