The Gibbs phenomenon is widely known for Fourier expansions of periodic functions and refers to the phenomenon that the $n$th Fourier partial sums overshoot a target function at jump discontinuities in such a way that such overshoots do not die out as $n$ goes to infinity. The Gibbs phenomenon for wavelet expansions using (bi)orthogonal wavelets has been studied in the literature. Framelets (also called wavelet frames) generalize (bi)orthogonal wavelets. Approximation by quasi-projection operators are intrinsically linked to approximation by truncated wavelet and framelet expansions. In this paper we shall establish a key identity for quasi-projection operators and then we use it to study the Gibbs phenomenon of framelet expansions and approximation by general quasi-projection operators. We shall also study and characterize the Gibbs phenomenon at an arbitrary point for approximation by quasi-projection operators. As a consequence, we show that the Gibbs phenomenon appears at all points for every tight or dual framelet having at least two vanishing moments and for quasi-projection operators having at least three accuracy orders. Our results not only improve current results in the literature on the Gibbs phenomenon for (bi)orthogonal wavelet expansions but also are new for framelet expansions and approximation by quasi-projection operators.