Is there reward for reading the hadiths of the Prophet (blessings and peace of Allah be upon him)?
Question

There is evidence of reward for reading and reciting the holy Qur’an. Is there also reward for reading the hadiths?
Praise be to Allah.Yes, there is reward for reading books of all types of knowledge, and studying knowledge. Seeking knowledge through the Qur’an and Sunnah brings an immense reward, for knowledge is to be obtained from the Qur’an and from the Sunnah. The Prophet (blessings and peace of Allah be upon him) said: “The best of you are those who learn Quran and teach it.” Narrated by al-Bukhaari (5027). There are many hadiths which speak of reading Qur’an, including the words of the Prophet (blessings and peace of Allah be upon him): “Read the Qur’an, for it will come on the Day of Resurrection interceding for its companions.” Narrated by Muslim (804).
And he (blessings and peace of Allah be upon him) said: “Would one of you like to go to Bat-haan – a valley in Madinah – and bring two large she-camels without that involving any sin or severing of family ties?” They said: We would all like that, O Messenger of Allah. He said: “For one of you to go to the mosque and learn two verses from the Book of Allah is better for him than two large she-camels, and three (verses) are better for him than three (she-camels), and four (verses) are better for him than four (she-camels), and so on.” Narrated by Muslim (803), or as he (blessings and peace of Allah be upon him) said. This is indicative of the virtue of learning the Qur’an and reciting the Qur’an.
According to the hadith of Ibn Mas‘ood: “Whoever recites a letter of Qur’an will have one hasanah, and each hasanah brings a ten-fold reward.” Narrated by at-Tirmidhi (2910). The same applies to the Sunnah, if the believer learns it; for reading and studying the hadiths will bring a great reward, because this comes under the heading of seeking knowledge. The Prophet (blessings and peace of Allah be upon him) said: “Whoever follows a path seeking knowledge thereby, Allah will make easy for him a path to Paradise.” Narrated by at-Tirmidhi (2646). This indicates that studying issues of knowledge, memorising hadiths and discussing them are among the means of gaining admittance to Paradise and being saved from Hell. And the Prophet (blessings and peace of Allah be upon him) said: “When Allah wills good for a person, He grants him understanding of religion.” Agreed upon. Understanding of religon comes through studying the Qur’an and Sunnah. Acquiring knowledge of the Sunnah is one of the signs that Allah wills good for a person, just as acquiring knowledge of the Qur’an is also a sign of that. The evidence concerning that is abundant, praise be to Allah. End quote.
Fataawa Noor ‘ala ad-Darb, by Shaykh ‘Abd al-‘Azeez ibn Baaz (1/11).