The Importance of Hadith

Ahadith are the statements of the Prophet Muhammad (s.a.w).
Prophet Muhammad (s.a.w) is Allah's last and final Messenger to humankind.
Prophet Muhammad (s.a.w) only spoke only from what Allah revealed to him, therefore, all his statements are founded upon divine instructions from Allah which we must follow as Muslims.
Affirming the authenticity of the Prophet's (s.a.w) speech, Allah says, "Your companion [Muhammad] has not strayed, nor has he erred,  nor does he speak from [his own] inclination. It is not but a revelation revealed." [Qur'an, 53:2-4]

Allah has commanded the Muslims to obey the Prophet Muhammad (s.a.w) and only in the obedience of the Prophet (s.a.w) is the verification of our faith and obedience of Allah. In other words, a person cannot be a Muslim until he/she obeys Allah and the Prophet Muhammad (s.a.w).

• "And We did not send any messenger except to be obeyed by permission of Allāh."[Qur'an, 4:64]
• "He who obeys the Messenger has obeyed Allāh" [Qur'an, 4:80]
• "But no, by your Lord, they will not [truly] believe until they make you, [O Muúammad], judge concerning that over which they dispute among themselves and then find within themselves no discomfort from what you have judged and submit in [full, willing] submission." [Qur'an, 4:65]

The Prophet Muhammad (s.a.w) was specifically appointed by Allah to explain the Qur'an and teach it's implementation in daily life. The Prophet Muhammad (s.a.w) embodied all the lessons of Qur'an in his character such that he became the living Qur'an, a practical guide and demonstration of Qur'an's application. So anyone who wants to understand the Qur'an today, must learn about the Prophet Muhammad (s.a.w) and study how he (s.a.w) lived and acted upon the Qur'an. Allah says,

"O People of the Scripture, there has come to you Our Messenger to make clear to you [the religion] .... there has come to you a bringer of good tidings and a warner." [Qur'an, 5:19]
"Say, "What thing is greatest in testimony?" Say, "Allāh is witness between me and you. And this Qur’ān was revealed to me that I may warn you thereby and whomever it reaches."  [Qur'an, 6:19]

• Allah loves and forgives the Muslims who follow the Prophet Muhammad (s.a.w). "Say, [O Muhammad], "If you should love Allāh, then follow me, [so] Allāh will love you and forgive you your sins. And Allāh is Forgiving and Merciful." [Qur'an, 3:31]
• Allah has mercy and He increases in success and happiness the Muslims who follow the Prophet Muhammad (s.a.w). "And establish prayer and give zakāh and obey the Messenger – that you may receive mercy." [24:56]. "The only statement of the [true] believers when they are called to Allāh and His Messenger to judge between them is that they say, “We hear and we obey.” And those are the successful.And whoever obeys Allāh and His Messenger and fears Allāh and is conscious of Him – it is those who are the attainers." [24:51-52].
• Following the Prophet Muhammad (s.a.w) is proof that we are Muslims and we have imaan. Prophet Muhammad (s.a.w), "none of you truly believes until I am more beloved to him than his parents, children, wealth and even his own self." [Bukhari]
• Following the Prophet Muhammad (s.a.w) resolves conflict and brings people together. It is the method means of unifying the Muslims and promoting equality and justice, "O you who have believed, obey Allāh and obey the Messenger and those in authority among you. And if you disagree over anything, refer it to Allāh and the Messenger, if you should believe in Allāh and the Last Day. That is the best [way] and best in result." [4:59]
• Following the Prophet Muhammad (s.a.w) is guidance and protect against being led astray. The Prophet Muhammad (s.a.w) said, "I am leaving behind two things, whoever hold on to them firmly, will never be led astray: the Book of Allah and the Sunnah of the Prophet Muhammad (s.a.w)."
• Following the Prophet Muhammad (s.a.w) = Paradise in the Hereafter. The Prophet Muhammad (s.a.w), "Whoever obeys me will enter Paradise." [Bukhari]

So studying ahadith (statements of the Prophet Muhammad (s.a.w) help us learn and understand what the Prophet Muhammad (s.a.w) did and commanded us to do. So in other words, the more we study the ahadith of the Prophet Muhammad (s.a.w), the better we can follow him and improve ourselfs in our beliefs and good deeds to receive guidance, love, mercy, forgiveness, success and Paradise from Allah.