[step:$(1) \Rightarrow (2)$: Reflexivity implies weak compactness of the closed unit ball]Assume $X$ is reflexive, so the canonical embedding
\begin{align*}
J: X &\to X^{**} \\
x &\mapsto J(x), \quad J(x)(f) := f(x) \text{ for all } f \in X^*,
\end{align*}
is surjective (and isometric, by the [Canonical Embedding into the Bidual is an Isometry](/theorems/875)). We show that $\overline{B}_X := \{x \in X : \|x\| \le 1\}$ is weakly compact.
By the [Banach-Alaoglu Theorem](/theorems/212), the closed unit ball $\overline{B}_{X^{**}}$ is compact in the weak-$*$ topology $\sigma(X^{**}, X^*)$. The hypotheses of Banach-Alaoglu are satisfied: $X^*$ is a [normed vector space](/page/Normed%20Vector%20Space), and $\overline{B}_{X^{**}}$ is the closed unit ball of its dual $(X^*)^* = X^{**}$.
Since $J$ is an isometric isomorphism (surjective by reflexivity, isometric by the [Canonical Embedding](/theorems/875)), we have $J(\overline{B}_X) = \overline{B}_{X^{**}}$. The weak-$*$ topology $\sigma(X^{**}, X^*)$ on $X^{**}$, when pulled back through $J$, becomes the weak topology $\sigma(X, X^*)$ on $X$: a net $x_\alpha \to x$ in $\sigma(X, X^*)$ if and only if $f(x_\alpha) \to f(x)$ for all $f \in X^*$, which is the same as $J(x_\alpha)(f) \to J(x)(f)$ for all $f \in X^*$, i.e., $J(x_\alpha) \to J(x)$ in $\sigma(X^{**}, X^*)$.
Therefore $J: (X, \sigma(X, X^*)) \to (X^{**}, \sigma(X^{**}, X^*))$ is a homeomorphism (it is bijective, [continuous](/page/Continuity), and its inverse is continuous by the same topological identity). Since $\overline{B}_{X^{**}}$ is $\sigma(X^{**}, X^*)$-compact and $J^{-1}$ is $\sigma(X^{**}, X^*) \to \sigma(X, X^*)$ continuous, the preimage $\overline{B}_X = J^{-1}(\overline{B}_{X^{**}})$ is $\sigma(X, X^*)$-compact.[/step]