The present disclosure discloses method and system for extracting relevant entities from a text corpus. The method comprises receiving, by the entity extraction computing device, a text corpus and an entity, determining at least one feature for each block of text from the text corpus, where the at least one feature corresponds to predefined one or more feature heads, calculating a score for each block of text from the text corpus based on training of the entity extraction system, determining a template from one or more templates based on the score, where the one or more templates are generated based on the training of the entity extraction system, and extracting at least one relevant entity from the text corpus, with respect to the entity, based on the template. The method and system disclosed in the present disclosure may be used to extract relevant entities across various domains by training the system.