Recently, brain networks have been widely adopted to study brain dynamics, brain development, and brain diseases. Graph representation learning techniques on brain functional networks can facilitate the discovery of novel biomarkers for clinical phenotypes and neurodegenerative diseases. However, current graph learning techniques have several issues on brain network mining. First, most current graph learning models are designed for unsigned graph, which hinders the analysis of many signed network data (e.g., brain functional networks). Meanwhile, the insufficiency of brain network data limits the model performance on clinical phenotypes' predictions. Moreover, few of the current graph learning models are interpretable, which may not be capable of providing biological insights for model outcomes. Here, we propose an interpretable hierarchical signed graph representation learning (HSGPL) model to extract graph-level representations from brain functional networks, which can be used for different prediction tasks. To further improve the model performance, we also propose a new strategy to augment functional brain network data for contrastive learning. We evaluate this framework on different classification and regression tasks using data from human connectome project (HCP) and open access series of imaging studies (OASIS). Our results from extensive experiments demonstrate the superiority of the proposed model compared with several state-of-the-art techniques. In addition, we use graph saliency maps, derived from these prediction tasks, to demonstrate detection and interpretation of phenotypic biomarkers.