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.