What are equivalents of that sentences in english?
1. Das Buch musste von ihm gelesen werden
2. Das Buch hat von ihm gelesen werden müssen

To me there is one equivalent: This book must have been read by him

Question

What are equivalents of that sentences in english?
1. Das Buch musste von ihm gelesen werden
2. Das Buch hat von ihm gelesen werden müssen

To me there is one equivalent: This book must have been read by him

Answer

Your two examples mean the same thing -- the book had to be read by him, but here is a phrase that means something different: das Buch muss gelesen werden haben -- the book must have been read by him.

Answer

Yes, that is right, because Präteritum (1) and Perfekt (2) have the same meaning.
Even though, the first sentence is much better, the second is simply too complicated, the verb has 4 parts!