You should choose a good book, with a lot of written notes. I would reccomend Bronstein's book about tournament in Zurich, year 1953. And, if you study games with a lot of tactical variations, you can analyse game on 2 boards - one with the game, and another with variations.
How do YOU analyse master games from books?
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A friend of mine is confined to a wheelchair and has impaired use of his left arm. He does not have a computer, but he loves reading master games and trying to figure out the moves before looking at the answer. It's a difficult problem for him to balance the chess book and his small magnetic chess board and still manage to manipulate a card or slip of paper to conceal the upcoming moves. The card's always slipping out of place, etc. I've tried to help. I suggested using a sticky note to cover the answers. It's a partial solution, but still difficult for him. Do any of you have any suggestions that might help him?
You'll never understand a GM game untill you use their moves in a game.
@paul211 Those look like awesome tips I'm excited to try them out. #3 in particular seems like a great technique.
3. When you do your analysis you must have a board in front of you to play the moves. But the trick is to look at 2, 3, 4 or more moves and variations ahead from both sides without moving any piece. Board visualization I call it. This is tricky but so rewarding; it develops your mental spatialization, strategy and combination skills.
My method has been to play guess-the-move going thru all of a single master's available decisive games. Just finished Lasker, next up, Botvinnik. I go carefully and think about each move, but I don't take notes or do any of the other in-depth things that have been suggested in this thread.
I usually play through games with Fritz in analysis mode and when there's a big shift in material advantage i usually stop and study the position to find out why.