All reflex actions are involuntary in nature but all involutary actions are not reflexes.
A reflex action may involve any muscle or a gland as we withdraw our hand on touching a hot objectbut all involuntary actions involve only smooth i.e., involuntary or cardiac muscles.
A reflex action may be conditioned (as in the case of salivation response by a dog on just hearing the bell (even when food is not supplied ) in Pavlov's expt.) but an involuntary action would not be generally influenced by external conditioning.
Reflex actions are usually at the level of spinal cord whereas the involuntary actions generallly involve brain too. Nerves and autonomic 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 involuntary action may or may not be for just meeting an emergency; but may bean importantlife process such as circulation of blood, swallowing of food, movement of food in food pipe, etc.