The widespread use of social networks enables the rapid diffusion of information, e.g., news, among users in very large communities. It is a substantial challenge to be able to observe and understand such diffusion processes, which may be modeled as networks that are both large and dynamic. A key tool in this regard is data summarization. However, few existing studies aim to summarize graphs/networks for dynamics. Dynamic networks raise new challenges not found in static settings, including time sensitivity and the needs for online interestingness evaluation and summary traceability, which render existing techniques inapplicable. We study the topic of dynamic network summarization: how to summarize dynamic networks with millions of nodes by only capturing the few most interesting nodes or edges over time, and we address the problem by finding interestingness-driven diffusion processes. Based on the concepts of diffusion radius and scope, we define interestingness measures for dynamic networks, and we propose OSNet, an online summarization framework for dynamic networks. We report on extensive experiments with both synthetic and real-life data. The study offers insight into the effectiveness and design properties of OSNet.