The rare B-s -> phi l(+)l(-) decay is investigated by using the most general model-independent effective Hamiltonian for l=mu,tau. The calculated value of Br(B-s -> phi mu(+)mu(-)) = 1.92x10(-6) is consistent with the experimental upper bound. The dependencies of the branching ratios and polarization asymmetries of leptons and combined lepton-antilepton asymmetries on the new Wilson coefficients are presented. The analysis shows that the branching ratios and the lepton-polarization asymmetries are very sensitive to scalar- and tensor-type interactions. The results obtained in this work will be very useful in searching new physics beyond the standard model.