$re = '/(?:\|\|\w{9}\|HEX\|color.*?|([\|])?\|\w{9}\|HEX\|color)|(\|)/m';
$str = 'Sample|text||new line|||cFFFFFF00|HEX|colorText in color|this will be inner new line|cFFC6C6C6|HEX|colorReset color. The following goes into the next line too:||hello world';
preg_match_all($re, $str, $matches, PREG_SET_ORDER, 0);
// Print the entire match result
var_dump($matches);
Please keep in mind that these code samples are automatically generated and are not guaranteed to work. If you find any syntax errors, feel free to submit a bug report. For a full regex reference for PHP, please visit: http://php.net/manual/en/ref.pcre.php