Praise be to Allah, The Almighty, Who created man and provided him with the tools for acqruiring knowledge, namely hearing, sight and wisdom. Allah says (interpretation of the meaning):

“And Allah has brought you out from the wombs of your mothers while you know nothing. And He gave you hearing, sight, and hearts that you might give thanks (to Allah)" (Qur'an 16:78)

Islam has given great importance to the process of seeking knowledge. If we look at the first five verses revealed from the Holy Qur’an, we can see that the word “اقـــــرأ” (read) is repeated two times, the word "قـــــلــــم" (pen) is mentioned once and the word "عــــلَّـم" (teach) is repeated twice.
Let us have a look at the following verses in Surah Al-‘Alaq. “Read in the name of your Lord Who created. He created man from a clot. Read and your Lord is the Most Honorable. Who taught by the pen. Taught man what he knew not.” (Qur’an 96:1-5 )

No other religion or institution gives as much importance to knowledge as the religion of Islam. The religion has made seeking knowledge incumbent upon all Muslims and has deemed that not doing so as a sin. The Prophet, may Allah praise him, said in an authentic narration (hadeeth):

“Seeking knowledge is an obligation upon every Muslim.” (Al-Tirmidhi)

In Islam, knowledge comes before action; there can be no action without knowledge, as Allah says (interpretation of the meaning):

“So know (O Muhammad) that Laa ilaaha ill-Allah (none has the right to be worshipped but Allâh), and ask forgiveness for your sin, and also for (the sin of) believing men and believing women” (Qur'an 47:19)

Allah warns every Muslim against speaking without knowledge, as He says (interpretation of the meaning):

“And follow not (O man, i.e., say not, or do not, or witness not) that of which you have no knowledge. Verily, the hearing, and the sight, and the heart of each of those ones will be questioned (by Allâh)” (Qur'an 17:36)

Having knowledge should not be a reason for being arrogant. In fact, having more knowledge about ourselves and the world make us feel more humble before the greatness of the creation of Allah (SWT). Allah says (interpretation of the meaning):

“It is only those who have knowledge among His servants that fear Allah." (Qur’an 35:28)

This why Allah has raised the ranks and status of those who have knowledge, and has praised them in many places in the Quran. Meaning, those who have knowledge and those who does not are not the same. Allah says (interpretation of the meaning):

“Allah raises of those who believe and those who have been given knowledge many levels.”(Qur'an 58:11)

“Say: ‘Are those who know equal to those who know not?’ It is only men of understanding who will remember (i.e. get a lesson from Allâh’s Signs and Verses)” (Qur'an 39:9)

The Prophet (peace and blessings of Allah be upon him) also described this in his saying:

“The excellence of a scholar over another (ordinary) worshipper is like the excellence of the full moon over the rest of the heavenly bodies.” (Abu Dawood)

“The excellence of a scholar over another (ordinary) worshipper is like the excellence of me over the least of you.” (Al-Tirmidthi)

Islam calls us to seek knowledge. Knowledge is more important than wealth and property. No wonder, knowledge is among the important things which Allah directed Prophet Muhammad (PBUH) to pray that he will be granted more of it. Allah says (interpretation of the meaning):

“and say: ‘My Lord! Increase me in knowledge’” (Qur’an 20:114)

The Messenger (peace and blessings of Allah be upon him) made seeking knowledge an obligation upon every Muslim, and he explained that the superiority of the one who has knowledge over the one who merely worships is like the superiority of the moon over every other heavenly body. He said that the scholars are the heirs of the Prophets and that the Prophets did not leave behind dinars and dirhams (i.e., money), rather their inheritance was knowledge, so whoever acquires it has gained a great share. And He (peace and blessings of Allah be upon him) said that seeking knowledge is a way to Paradise. He (peace and blessings of Allah be upon him) said:

“Whoever follows a path in the pursuit of knowledge, Allah will make a path to Paradise easy for him.” (Narrated by al-Bukhaari, Kitaab al-‘Ilm, 10)

Proper understanding of Islam is one of the best of good characteristics with which a Muslim may be honoured, as the Prophet (peace and blessings of Allah be upon him) said:

“When Allah wishes good for a person, He makes him understand the religion.” (Agreed upon. Narrated by al-Bukhaari, 4639)

Reading Qur’aan, learning it and teaching it, are among the best deeds, as the Prophet (peace and blessings of Allah be upon him) said:

“There should be no envy (hasad) except between two people, a man to whom Allah has given (knowledge of?) the Qur’aan, so he recites it night and day, and a man to whom Allah has given wealth, so he spends it (in good deeds) night and day.” (narrated by Muslim, 815)

To conclude, seeking knowledge is an act of worship that requires you to keep your intention sincerely for Allah alone and none else, seeking His Pleasure and reward. Do not seek knowledge to show off or compete with others, or to enliven one’s gatherings. The Prophet (peace and blessings of Allah be upon him) said:

“Whoever seeks that knowledge which is (usually) sought to seek the pleasure of Allah in order to gain some worldly benefit, he will not sense the scent of Paradise on the Day of Judgment.” (Ibn Maajah)

Also know that knowledge is of no importance if one does not reap its fruits, which is to practice the religion of Islam as Allah loves. So one should try to practice what one learns as living Islam is what takes a person to Paradise.

Some supplications which the Prophet Muhammad (peace and blessings of Allah be upon him) himself made in regards to seeking knowledge.

“O Allah! Bring us benefit by what You taught us, and teach us that which brings us benefit, and increase us in knowledge” (Ibn Maajah)

“O Allah, I ask you to grant us beneficial knowledge, good, pure and permissible sustenance, and deeds which are accepted by You.” (Ibn Maajah)

“O Allah I seek refuge in you from knowledge which does not benefit, a heart which does not humble itself in fear, an insatiable desire, and supplications which are unanswered.” (Muslim)

Source :
Usool al-Deen al-Islami by Shaykh Muhammad ibn Ibraaheem al-Tuwayjri (https://islamqa.info/en/10471)
Nasser El-Morshidy (http://www.iuhk.org/index.php/publication/articles/10-publication/articles/2-importance-of-seeking-knowledge-in-islam)
New Muslims / 12 Feb 2014 (http://islam.ru/en/content/story/importance-seeking-knowledge)