Studying is an important part of the process of learning, but different students will have different needs and will retain information better from different methods of studying. Some people wait until the last minute to cram in information before an exam, but that is only going to help you learn the information for the short term. The brain processes and moves information from short to long-term memory when you sleep, so it is important to study and then to get a good night's sleep if you want to learn for the long term.
Studying is always important. Without studying, you won't retain knowledge. Yes, that's important as well. In this day and age when everyone seems to outsource their brain to Google, where they can look up anything, the person who will rule them all when the network goes down will be the one who actually bothered to study.