Keyphrase extraction is a fundamental task in natural language processing that facilitates mapping of documents to a set of representative phrases. In this paper, we present an unsupervised technique (Key2Vec) that leverages phrase embeddings for ranking keyphrases extracted from scientific articles. Specifically, we propose an effective way of processing text documents for training multi-word phrase embeddings that are used for thematic representation of scientific articles and ranking of keyphrases extracted from them using theme-weighted PageRank. Evaluations are performed on benchmark datasets producing state-of-the-art results.