Entity Set Expansion (ESE) is a promising task which aims to expand entities of the target semantic class described by a small seed entity set. Various NLP and IR applications will benefit from ESE due to its ability to discover knowledge. Although previous ESE methods have achieved great progress, most of them still lack the ability to handle hard negative entities (i.e., entities that are difficult to distinguish from the target entities), since two entities may or may not belong to the same semantic class based on different granularity levels we analyze on. To address this challenge, we devise an entity-level masked language model with contrastive learning to refine the representation of entities. In addition, we propose the ProbExpan, a novel probabilistic ESE framework utilizing the entity representation obtained by the aforementioned language model to expand entities. Extensive experiments and detailed analyses on three datasets show that our method outperforms previous state-of-the-art methods.