What is your favorite fantasy book?

I have MANY favorite fantasy books, but...... I just want to see your favorites:)

well....I like the Temeraire series of books by Naomi Novak

I have more than one as well, but my favorite is probably Jim Butcher's series the Dresden Files.

Well, I've got a collection for my favorites, it's at 175 books at the moment and I know there are lots of others I haven't added to it yet. Do I really have to narrow it down further? ;) Ok, here are some definite all time favorites, I really can't name just one.
The Hero and the Crown by R. McKinley also pretty much all her other books but this was the first of her's I read and it holds a special place on my shelves.
Death of the Necromancer by M. Wells
God Stalk by P. C. Hodgell this and the rest of the series are fantastic.
War for the Oaks by E. Bull
The Privilege of the Sword by E. Kushner
A College of Magics by C. Stevermer

I could keep going, and going and going, but I think I'll stop here. Since I'm not sure how much more anyone wants to read about my favorite books.

4> Oooo I love all of those books too but have not read Death of the Necromancer or God Stalk so those are going on my wishlist immediately!

5 > Great! I love getting to introduce people to my favorite authors! They're both excellent books, Wells and Hodgell both write really great characters and very entertaining worlds.

I have a quite a few but the ones I have multiple copies of and carry with me everywhere and could probably quote are:

Anvil of the World by Kage Baker

Firethorn by Sarah Micklem

Howl's Moving Castle by Diana Wynne Jones, which I don't think I'll ever grow out of =

The Chronicles of Elantra or the Cast series by Michelle Sagara

The Sun Sword series that she wrote as Michelle West

Kushiel's Legacy series by Jacqueline Carey

The Wolf series by Jane Lindskold

Um... this thing called The Lord of the Rings. Hear of it? ;)

I have to agree with JPB and go with The Lord of the Rings without a doubt. That and, of course, The Hobbit.
The Last Unicorn and A Fine and Private Place also come to mind.

Richard Adams' Shardik and Steven Erikson's Malazan Book of the Fallen series.

I love the Crestomanci series by Diana Wynne Jones and the Discworld books.

Ursula K. LeGuin's Earthsea series. All things Tolkien. And a delightful short story by Will Shetterly, The Princess Who Kicked Butt. :)

I love Richard Adams' Watership Down, too, but I am unsure if it qualifies as "fantasy," or not.

Lot of ones I like here, including War for the Oaks. I'll add The Great Book of Amber by Roger Zelazny and Neverwhere by Neil Gaiman.

A Song of Ice and Fire series by George R R Martin without a doubt

I have always liked Joel Rosenberg's Guardians of the Flame because it involved people from our world going to a fantasy world and how they reacted to it. Some bought into it completely and others never really wanted to believe.

Robin Hobb's Farseer series(es) and Katherine Kerr's Deverry quartet (i.e. Daggerspell etc.).

J.R.R. Tolkien's The Fellowship of the Ring (although H.P & the Sorcerer's/Philosopher's Stone comes in a close second)

Books in my fantasy ollection that get 5* are from the following authors:

Stephen Donaldson
JRR Tolkein
Terry Pratchett
Karen Miller
Janny Wurts
Raymond Feist

Some of their works are better than others, but all have some outstanding writing, in their varied styles.

My personal votes goes to The Hobbit & Lord of the Rings for their importance to me during a formative age; more than one book by Ursula K LeGuin, not only the Earthsea suite - most of her "SF" is borderline F too; and finally Guy G Kay for Lions of Al-Rassan, Tigana and The Sarantine Mosaic.

Special mentions to Brandon Sanderson, but I really think he ruined the day with Hero of Ages.

I have tried urban fantasy and celtic fantasy and Arthurian fantasy and sword'n'sorcery fantasy as well. Don't like it. I'm not giving up on Kay but Ysabel... well - urban/celtic/arthurian fantasy? Not even a good author will row THAT boat to shore. Not in my book.

The Belgariad Series by, David Eddings
Urban Fantasy would have to be Patricia Briggs
Anything by Terry Pratchett
Anything by, Neil Gaiman
Sevenwaters Trilogy by, Juliet Marillier
And of course Dragon Riders of Pern by, Anne & Todd McCaffrey

I've read a lot but only a small % fits "favorite" status.

Grunts by Mary Gentle

The Warlock In Spite Of Himself by C. Stasheff

The Never-ending Story

Tolkien, of course

and (god help me) Another Fine Myth , which just cracks me up every time I read one of them(the series).

And Amber. The original story line.

ed.- whoops, forgot Pratchett and Ogre, Ogre by Anthony