How to Edit Bookmarks and Folders in Android's Browser

On the page you like to bookmark, tap the Menu button and select 'Save to bookmarks'.
Change the Label if needed.
Click 'OK' to save to Bookmarks, or select 'Add to' then 'Other folder', browse to a folder or add a new folder and tap 'OK'.

Remove a bookmark/folder

Tap the Tabs button , then the Bookmarks button .
Touch and hold a bookmark or a folder, then select 'Delete bookmark' or 'Delete folder' from the pop-up menu.
Press 'OK' to confirm.