literature vs literary study

literature and literary study both are nouns.

Word	Noun	Adjective	Verb	Adverb
literature	Yes	No	No	No
literary study	Yes	No	No	No

As nouns, literary study is a hypernym of literature; that is, literary study is a word with a broader meaning than literature:

literature (noun)	literary study (noun)
the profession or art of a writer	the humanistic study of literature
the humanistic study of a body of literature
creative writing of recognized artistic value
published writings in a particular style on a particular subject