Decode the hidden message!

Python 3, 98

lambda l:''.join(x*('='!=x[1:-1])for x in l).translate({'='!=x[1:-1]or ord(x[0]):x[2:]for x in l})

This lambda function receives a list of strings (input) and returns a string (the decoded message).

Examples:

>>> f(['ta', 'y=s', 'y', 'a=e', 'b=t', 'b', ' ', 'j', 'j=1'])
'test 1'
>>> f(['z=p', 'zota', 'g=e', 'yugkb', 'y=t', 'u=o', 'k=s', 'li', 'fg', 'b=='])
'potatoes=life'
>>> f(['p', '=', '==n', 'ot', 'p=a', 'hiz', 'i=e', 'z=r'])
'another'

Haskell, 85 bytes

f x=[(a,b)|[a,'=',b]<-x]
h x=map(\v->maybe v id$lookup v$f x)$concat[c|c<-x,[]==f[c]]

Usage

>h ["p","=","==n","ot","p=a","hiz","i=e","z=r"]
>"another"

Description

f creates a lookup table.

concat[c|c<-x,[]==f[c]] extracts the message.

map(\v->maybe v id$lookup v$f x) perfoms the lookup.

JavaScript (ES6), 87 bytes

(l,s='',d={})=>l.map(v=>/.=./.test(v)?d[v[0]]=v[2]:s+=v)&&[...s].map(c=>d[c]||c).join``

<input id=a oninput="try{b.innerText=((l,s='',d={})=>l.map(v=>/.=./.test(v)?d[v[0]]=v[2]:s+=v)&&[...s].map(c=>d[c]||c).join``)(eval(`[${a.value}]`))}catch(e){}"/>
<p id=b />