diff --git a/.eslintrc.yml b/.eslintrc.yml
index 4ca7fc7..ee5b042 100644
--- a/.eslintrc.yml
+++ b/.eslintrc.yml
@@ -1,7 +1,7 @@
 extends: chartjs
 
 parserOptions:
-  ecmaVersion: 8
+  ecmaVersion: 2022
   sourceType: module
 
 env:
diff --git a/docs/guide/formatting.md b/docs/guide/formatting.md
index 2bb6528..be16d83 100644
--- a/docs/guide/formatting.md
+++ b/docs/guide/formatting.md
@@ -104,3 +104,13 @@ Supported values for `textAlign`:
 - `'end'`: the text is right-aligned
 - `'left'`: alias of `'start'`
 - `'right'`: alias of `'end'`
+
+## Text style
+
+Labels style can be modified to be bold or italic using Markdown syntax **bold** or *italic*.
+
+```javascript
+formatter: function(value) {
+  return 'normal text **bold text** *italic text*';
+}
+```
diff --git a/src/label.js b/src/label.js
index 640d8e4..73fd8c3 100644
--- a/src/label.js
+++ b/src/label.js
@@ -154,16 +154,14 @@ function textGeometry(rect, align, font) {
     y: y
   };
 }
-
-function drawTextLine(ctx, text, cfg) {
+function drawTextChunk(ctx, chunk, cfg, baseFont, axis) {
   var shadow = ctx.shadowBlur;
   var stroked = cfg.stroked;
-  var x = rasterize(cfg.x);
-  var y = rasterize(cfg.y);
-  var w = rasterize(cfg.w);
+
+  ctx.font = `${chunk.style} ${baseFont}`;
 
   if (stroked) {
-    ctx.strokeText(text, x, y, w);
+    ctx.strokeText(chunk.text, axis.x, axis.y, axis.w);
   }
 
   if (cfg.filled) {
@@ -172,8 +170,7 @@ function drawTextLine(ctx, text, cfg) {
       // if the text is stroked, remove the shadow for the text fill.
       ctx.shadowBlur = 0;
     }
-
-    ctx.fillText(text, x, y, w);
+    ctx.fillText(chunk.text, axis.x, axis.y, axis.w);
 
     if (shadow && stroked) {
       ctx.shadowBlur = shadow;
@@ -181,6 +178,24 @@ function drawTextLine(ctx, text, cfg) {
   }
 }
 
+function drawTextLine(ctx, text, cfg) {
+  var axis = {
+    x: rasterize(cfg.x),
+    y: rasterize(cfg.y),
+    w: rasterize(cfg.w),
+  };
+
+  var chunks = utils.toTextChunks(text);
+  var baseFont = ctx.font;
+  for (var chunk of chunks) {
+    drawTextChunk(ctx, chunk, cfg, baseFont, axis);
+    // move text position for each chunk
+    axis.x = axis.x + Math.floor(ctx.measureText(chunk.text).width);
+  }
+  // reset font for next line
+  ctx.font = baseFont;
+}
+
 function drawText(ctx, lines, rect, model) {
   var align = model.textAlign;
   var color = model.color;
diff --git a/src/utils.js b/src/utils.js
index 84f2ae3..6151266 100644
--- a/src/utils.js
+++ b/src/utils.js
@@ -39,6 +39,64 @@ var utils = {
     return lines;
   },
 
+  toTextChunks(text) {
+    if (typeof text !== 'string') {
+      throw new TypeError('Text must be a string');
+    }
+
+    var chunks = [];
+    var preIndex = 0;
+
+    // Looks for **bold text** or *italic text*
+    var regex = /\*{2}(?<bold>.+?)\*{2}|\*(?<italic>.+?)\*/gm;
+
+    // Text is split into chunks, for every match found
+    text.matchAll(regex).forEach(elem => {
+      var styledText = elem.groups.bold ?? elem.groups.italic ?? '';
+      // Every match two chunks are created.
+      // The first chuck contains the unstyled text preceding the styled text.
+      // If the text starts styled the first chunk is empty.
+      chunks.push(
+        {
+          text: text.substring(preIndex, elem.index),
+          start: preIndex,
+          end: elem.index,
+          style: 'normal',
+        },
+        {
+          text: styledText,
+          start: elem.index,
+          end: elem.index + elem[0].length,
+          style: elem.groups.bold ? 'bold' : 'italic',
+        }
+      );
+      // Move index to end of the styled word to start with the next chunk.
+      preIndex = elem.index + elem[0].length;
+    });
+
+    // Add a chuck for any non styled text remaing after last chuck is added.
+    if (chunks.length && chunks.at(-1).end !== text.length) {
+      chunks.push({
+        text: text.substring(chunks.at(-1).end),
+        start: chunks.at(-1).end,
+        end: text.length,
+        style: 'normal',
+      });
+    }
+
+    // If no style is detected just created a chuck containing the whole text
+    if (!chunks.length && text) {
+      chunks.push({
+        text: text,
+        start: 0,
+        end: text.length,
+        style: 'normal',
+      });
+    }
+
+    return chunks;
+  },
+
   // @todo move this in Chart.helpers.canvas.textSize
   // @todo cache calls of measureText if font doesn't change?!
   textSize: function(ctx, lines, font) {
diff --git a/test/specs/utils.spec.js b/test/specs/utils.spec.js
index a2c67c0..54083d9 100644
--- a/test/specs/utils.spec.js
+++ b/test/specs/utils.spec.js
@@ -36,6 +36,60 @@ describe('utils.js', function() {
     });
   });
 
+  describe('toTextChunks', function() {
+    var toTextChunks = utils.toTextChunks;
+
+    it ('text should be a string', function() {
+      expect(toTextChunks(123)).toThrow(new TypeError('Text must be a string'));
+    });
+
+    it('should create one chunk with no format', function() {
+      expect(toTextChunks('test')).toEqual([{
+        text: 'test',
+        start: 0,
+        end: 'test'.length,
+        style: 'normal',
+      }]);
+    });
+
+    it('should create chunks with format', function() {
+      expect(toTextChunks('test **bold** *italics* normal')).toEqual(
+        [
+          {
+            text: 'test ',
+            start: 0,
+            end: 5,
+            style: 'normal'
+          },
+          {
+            text: 'bold',
+            start: 5,
+            end: 13,
+            style: 'bold'
+          },
+          {
+            text: ' ',
+            start: 13,
+            end: 14,
+            style: 'normal'
+          },
+          {
+            text: 'italics',
+            start: 14,
+            end: 23,
+            style: 'italic'
+          },
+          {
+            text: ' normal',
+            start: 23,
+            end: 30,
+            style: 'normal'
+          }
+        ]
+      );
+    });
+  });
+
   describe('arrayDiff', function() {
     var arrayDiff = utils.arrayDiff;