http://stackoverflow.com/a/26166884/458193

UncontrolledContentEditable.jsx

/** @jsx React.DOM */
'use strict';

var React = require('react'),
    escapeTextForBrowser = require('react/lib/escapeTextForBrowser'),
    { PropTypes } = React;

var UncontrolledContentEditable = React.createClass({
  propTypes: {
    component: PropTypes.func,
    onChange: PropTypes.func.isRequired,
    text: PropTypes.string,
    placeholder: PropTypes.string,
    editable: PropTypes.bool
  },

  getDefaultProps() {
    return {
      component: React.DOM.div,
      editable: false
    };
  },

  getInitialState() {
    return {
      initialText: this.props.text
    };
  },

  componentWillReceiveProps(nextProps) {
    if (nextProps.editable && !this.props.editable) {
      this.setState({
        initialText: nextProps.text
      });
    }
  },

  componentWillUpdate(nextProps) {
    if (!nextProps.editable && this.props.editable) {
      this.getDOMNode().innerHTML = escapeTextForBrowser(this.state.initialText);
    }
  },

  render() {
    var html = escapeTextForBrowser(this.props.editable ?
      this.state.initialText :
      this.props.text
    );

    return (
      <this.props.component onInput={this.handleChange}
                            onBlur={this.handleChange}
                            contentEditable={this.props.editable}
                            dangerouslySetInnerHTML={{__html: html}} />
    );
  },

  handleChange(e) {
    if (!e.target.textContent.trim().length) {
      e.target.innerHTML = '';
    }

    this.props.onChange(e);
  }
});

module.exports = UncontrolledContentEditable;