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.