This book is a bible for compiler study and development, one of the best references available.
It starts by explaining what is a compiler and how it works and gives an example of a simple compiler before getting to each phase in detail.
It really is a very good book, and I don't give it 5 stars only because it is not very clear, sometimes the examples are confusing and not very well explained (LR Parsers for example are very hard to follow if you don't have other references).
If you are interested in understanding how a compiler works, this book is ideal and you'll be very satisfied, but if you plan to develop a compiler this book will "only" give you the (very important) theoretical grounds.