Long Time Ago
Noun and の adjective
むかし
コウイチは昔はけんけんをするのがとく意だった。
Koichi used to be good at hopping on one leg a long time ago.
昔、一回だけ、右足に魚の目ができたことがあるよ。
I got a corn on my right foot once a long time ago.
「あなた、今夜の予定は？」「昔の飲み仲間とちょっと出かけてくる予定だよ。」
"What are your plans for tonight Darling?" "I’m going out with my old drinking buddies."
The kanji and the word are exactly the same. That means they share meanings as well. This is a good way to start stories, by the way: 昔々に… (Long, long ago).
The reading is the same as the one you learned with the kanji. むかし sounds like a kun'yomi reading, doesn't it? It's so long.