Studying something means acquiring a deep understanding of something – this may include reading about it, making notes, brainstorming, listening to audio, watching videos and any other method to get to know more about your subject.
Reading on the other hand is just one part of studying – just the act of reading from a book or a phone/kindle/computer screen.
You study when you are trying to acquire in depth knowledge of something, you read a written text whether on paper, books, digital screen.
You study a subject, you read a book. Also, read is a subset of studying.
Reading could be of anything.It is like a hobby.It might be understanding but not acquiring knowledge.
It is the first step of study.
For instance-
I read motivational books before going to bed.
You should read newspaper to know what is going on around the world.
Study is a broader concept.It is a thorough knowledge of a particular area or particular subject of a particular field with a focus and a purpose.
For instance-
I am studying Law to become a lawyer.
Study is definitely understanding and acquiring knowledge.