Soft
Mushy, Tender
い adjective
This is a single kanji with an い on the end, meaning you know it's probably an adjective. The kanji means soft, so the adjective form of that is exactly the same: soft.
While 柔らかい describes a pleasant, gentle softness or graceful flexibility, 軟らかい refers to softness or pliability as an objective physical property. So, for example, 柔らかいお肉 is the delicious, tender steak you have at a fancy restaurant, while 軟らかいお肉 simply describes the only kind of meat your toothless granny can eat. Likewise, a graceful gymnast or ballerina has a 柔らかい体, while your friend who can fit himself inside a suitcase — well, he has an objectively 軟らかい体.
Since this is an alternate version of 柔らかい, it has the same reading too. If you remember that, you can remember this word's reading.
このボールは軟らかいから、室内でも使える。
This ball is soft, so you can use it indoors.
何か軟らかいものを踏んだ感触がした。
I felt like I stepped on something soft.
雨の後、畑の土は軟らかくなっていました。
After the rain, the soil in the field had become soft.
最近、便が軟らかい日が多いんですよね。
Lately I've been having soft stools.