Highlighting is good, but you will sometimes highlight more than you need to know. So it is good to take notes in addition to highlighting to make sure you know what the key points are. I find it helpful to take notes and type up or write out my own study guide. This way I am repeatedly reviewing the material and it will remain in my head longer. Do not wait until the night before to start studying.
Some people say the only way they retain information is to cram it.
But I disagree. Plus it will help you understand the concepts that were confusing during the semester. Take breaks from reviewing the material and quiz yourself. After studying for about two or three hours, take a break. Eat, watch TV or and go for a walk.