I always study with a good amount of sleep (or lots of caffeine, but since your body adapts to caffeine you shouldn't do that often). Otherwise, my ability to memorize and think clearly is kinda off and the quality of study is bad. Also, when you study, try to be active and ask yourself quick questions throughout the time you study. That way, you have this reaction to a similar question when you see it on the test. Oh, and always think that way, "this might be on the test, or no way that will be on there so I don't need to look at it in detail."
Another strategy I use is to read the chapters from the book sometime before class. repetition is great for large amount of info. In psychology, you will learn that things need to go through working memory before they are stored into long term memory. the more things you get into the long term memory, the better to work with.