$re = '/(__|--)((?:(?!\1).)+)\1/';
$str = '__word1__ not_italic __a__ --bolder--
this is an __italic part of the sentence_with underscores__';
preg_match_all($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