$re = '~(?s)<!--.*?-->(*SKIP)(*F)|</entity>~m';
$str = '.........
........
<entity>
.......
.......
</entity>
........
........
<!--
.......
<entity>
........
</entity>
.......
.......
-->
<entity>
.......
........
</entity>';
preg_match_all($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