$re = '/^\*.*\R\K.*(?:\R(?!\*).*)*\R(?=\*)/m';
$str = '********** Field #1 **********
Content inside Field #1
More content
********** Field #2 **********
Content inside Field #2
More content
...
********** The last field will always remain unchanged **********
Unchanged content from last field';
$subst = "[REPLACEMENT]\n";
$result = preg_replace($re, $subst, $str);
echo "The result of the substitution is ".$result;
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