How to add html to title output of taxonomy terms in Drupal 7?
To make changes to the taxonomy term out put you can use the below function. This is taken from the batrik theme so you would use the function mytheme_field__taxonomy_term_reference

To change the markup of the term change #markup the defualt value would be

&lt;a href="/drupal7/class/class-1" typeof="skos:Concept" property="rdfs:label skos:prefLabel"&gt;term name&lt;/a&gt;


change that to 

 $item[#markup] = '&lt;a href="/drupal7/class/class-1" typeof="skos:Concept" property="rdfs:label skos:prefLabel"&gt;&lt;strong&gt;term name&lt;/strong&gt;&lt;/a&gt;'

function batrik_field__taxonomy_term_reference($variables) {
  $output = '';

  // Render the label, if it's not hidden.
  if (!$variables['label_hidden']) {
    $output .= '&lt;h3 class="field-label"&gt;' . $variables['label'] . ': &lt;/h3&gt;';
  }

  // Render the items.
  $output .= ($variables['element']['#label_display'] == 'inline') ? '&lt;ul class="links inline"&gt;' : '&lt;ul class="links"&gt;';
  foreach ($variables['items'] as $delta =&gt; $item) {
    $output .= '&lt;li class="taxonomy-term-reference-' . $delta . '"' . $variables['item_attributes'][$delta] . '&gt;' . drupal_render($item) . '&lt;/li&gt;';
  }
  $output .= '&lt;/ul&gt;';

  // Render the top-level DIV.
  $output = '&lt;div class="' . $variables['classes'] . (!in_array('clearfix', $variables['classes_array']) ? ' clearfix' : '') . '"' . $variables['attributes'] .'&gt;' . $output . '&lt;/div&gt;';

  return $output;
}