stumbled upon this question, looking for the same thing. I think the existing answers are deprecated for later versions of iText (Im using 5.0.6). Here is how I was able to do this:
Phrase phrase = new Phrase();
phrase.add(new Chunk("Hello ", FontFactory.getFont(FontFactory.TIMES_BOLD)));
phrase.add(new Chunk("World", FontFactory.getFont(FontFactory.TIMES_ITALIC)));
document.add(phrase);
Hope this helps someone;)
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