What does it mean to do research with a phd student?
You need to work that out with the professor and the PhD student. Before you start, get an idea about what you will be expected to do and how exciting or boring that will seem to you. 

But, you should also settle the question about authorship of any resulting publications. You need to know in advance if you will be a co-author or will only get an acknowledgement of your contributions. 

At your stage you may not be able to insist on much, but you should know going in what the parameters are. But as you phrase your question, it is impossible to answer, as the key is with those other individuals.