The only way to display HTML is to use a UIWebView and loadHTMLString method:
UIWebView *webView = [[UIWebView alloc] initWithFrame:CGRectMake(0, 0, 320,200)];
[webView loadHTMLString:@"test <i>italic</i>" baseURL:nil];
[self.view addSubview:webView];
You can also use \n, but you can't change font/style of the rendered text of a UITextView.