The best way to study is to find what works for you. In general, the more senses you involve the better you will remember the material. Here are some ideas: first do not color in the text book... the use of a high-lighter is for your notes after you have converted the data. Next, repeat, repeat, repeat.... in other words you have to review the material more than once. Lastly, it depends on the type of material and how it is offered. If it is a text book, then here's an idea.
Get the text book and all the supplements (many text books have supplements and they can be more important than the book itself), next read the required sections like you are reading for fun... no marks, notes, coloring... just read it cover to cover. Next get a pad of paper (I liked the yellow letter sized) and a blue or black pen. Outline the sections, meaning write down the title of each chapter, section, sub section, etc. You are building a topic outline. Next go through it again and write 1 and only 1 sentence to describe the chapter, section or sub section. Also on a separate pad in a different colored ink make a list of ALL words that are Bold, Underlined or Italicized. Cross check your list with the list of key words and phrases in the text at the end of each chapter.... You can have more, but not less than they do.
Lastly, go over what you have written about the book. Use your notes and confirm with the text. If you were wrong or missed a part write it down in a different color (Red maybe)
By this time you have become very familiar with the text. you know what is important and have underlined it, you know what you are weak on and have strengthened it. Now you can go out and max the test.
It's hard at first, but becomes easier and you become faster with time and practice.