Bible study is one of the most rewarding and important disciplines in the Christian life. Here is a simple and effective approach.
Start with prayer. Before you open the text, ask God to illuminate it. Psalm 119:18 says, "Open my eyes, that I may behold wondrous things out of your law." The Author of Scripture is also your teacher.
Read in context. The most common mistake in Bible reading is pulling verses out of their context. Always ask: who wrote this, to whom, why, and when? A verse always means what it means in context — never less, never more.
Use the observation-interpretation-application method. First, observe: what does it say? Read carefully and note what's actually there. Second, interpret: what does it mean? Ask questions of the text. Look at the surrounding passages. Third, apply: what does this mean for my life today?
Get a good study Bible. A study Bible with notes, cross-references, and introductions to each book is one of the most valuable tools you can own.
Be consistent over impressive. It is far better to read five verses every single day than to read five chapters once a week. Daily, unhurried engagement with the Word forms you over time.