A newly proposed concept, which is called hybrid optical phase squeezer (HOPS), achieves multi-level optical phase quantization through coherent addition of two (dual-wave scheme) or three (triple-wave scheme) optical waves exploiting optical parametric processes and electro-optic modulation. The triple-wave scheme enables signal phase regeneration free from phase-to-amplitude noise transfer, which is inevitable in the dual-wave scheme. By using HOPS in the dual-wave scheme, 3-fold phase-noise reduction was achieved for 24-Gb/s QPSK signals with a slight increase of amplitude noise. On the other hand, HOPS in the triple-wave scheme allowed phase regeneration of 12-Gb/s BPSK signal with a suppression of phase-to-amplitude noise transfer.