Morphology is the study of the system of morphemes in languages. It describes the way morphemes are arranged in forming words/signs.
A morpheme is the smallest meaningful unit in a language. Morphemes may make a sign/word or be a part of a sign/word.
Phonology considers the systems of phonemes in languages, which allow us to build many signs from just a few possible basic building blocks (e.g. using just one from the range of available handshapes, locations, orientations, movements and facial expressions) but phonemes themselves have no meaning. They only get their meaning when they are assembled to produce a morpheme.