All reflex actions are involuntary in nature but all involutary actions are not reflexes as the beating of heart is an involuntary action but is not reflex action.
Reflex actions are very quick but all involutary actions may not be very fast as in heart beating.
A reflex action may involve any muscle or a gland as we withdraw our hand on touching a hot object but all involuntary actions involve only smooth i.e., involuntary or cardiac muscles.
Reflex actions are at the level of spinal cord whereas the involuntary actions generally involve brain too.
Nerves and autonomious nervous system can increase or decrease the rate of involuntary actions but reflex actions can be controlled by great will only and are not usually controllable.
Reflex actions are done to meet emergencies where as an inv.action may or may not be for just meeting an emergency but may be a critical lie process as circulation of blood, swallowing of food, movement of food in food pipe, etc.