This disclosure relates generally to method and system for detecting and extracting price region from digital flyers and promotions. In retail business, extracting price information from digital flyers is crucial for complex nature of flyers having large variety of formats, color scheme, font styles, variable text information and thereof. The method of the present disclosure detects a text region comprising a price information from a set of digital flyers and promotions received as input images. Further, each text region is converted into a two-color text comprising of a set of white pixels and a set of black pixels. Further, underlying price from the price region of the two-color text is detected and price is extracted from the price region of each input image. Additionally, the price region detection function detects price region accurately and extracts price values having an irregular font size.