I printed the text twice to ease the comparison between the italic and standard versions.
DF <- data.frame(x = 1:4, y = 1:4)
plot(DF$x, DF$y)
text(x = 1.2, y = 2, expression(paste(italic("y"), "= a", italic("x"), "+ b")))
text(x= 1.2, y = 2.5, "y = ax + b")

Created on 2020-05-09 by the reprex package (v0.3.0)