Hey there, welcome to Travel Punk!
I lived in Malta for 5 years
and it is certainly a place you want to go if you have the chance!
As far as traveling from Italy to Malta... It has been a few years so I don't remember the prices. Your best options should be to either fly from Rome or take a ferry from Catania, Sicily if you get out there. As I remember, the ferry takes about 3 or 4 hours. I don't remember the cost but it was cheap. The flight from Rome is also not a bad price.
I don't know what sort of thing you like, but if you get to Malta avoid the exteremly touristy towns and the shopping district (Sliema). Its worth walking through Valetta. Mdina is one of my favorite places, good for seeing the sunset. Check out the Dingli cliffs and the neo-lithic temples. One of my favorite places is down south - its called Blue Grotto. It is a maze of caves in the cliffs that you can take a boat ride through rather cheap.
Anyhow, just explore as much as possible. Public buses were 11 cents Maltese when I was there last (3 years ago) which is about 35/40 cents US.