re = /# Keys are pretty much "any text before the '=' symbol"
(?P<key>[^=]+)
# Match the '=' symbol
=
(?P<value>
# Lazy match
.*?
# Look-ahead (don't move the "regex cursor", just "peek forward")
(?=
# Match a '_' that has no other '_' between it and the '=' character, or...
_(?=[^_=\n]+=)
|
# ... or the end of the line
$
)
)
# Actually "consume" the '_' character if it exists (or just match the end-of-line)
(?:_|$)/mx
str = 'str=string_number=12345_device=phone_color=blue
color=aqua_marine_name=matt_number=123_456_879_lastname=blahblah'
subst = '\\1 = \\2\\n'
result = str.gsub(re, subst)
# Print the result of the substitution
puts 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 Ruby, please visit: http://ruby-doc.org/core-2.2.0/Regexp.html