Here are some of my favorite fantasy titles, along with a bit of scifi. Experienced fantasy readers will not likely find much here that is new or surprising. But if you are just getting started in the fantasy genre, here are some I would recommend.
There are some series I've read more recently that I've enjoyed as well, including
Fantasy books are often done in series, so each series can represent a major time commitment. I'm a fairly quick reader, so I can generally get through one in reasonable time. If it takes you awhile to get through a thick book (fantasy titles generally range from 400 pages on up), you should probably look at a lot of suggestions before jumping in. This list has a lot of the basics. Of course "The Lord of the Rings" and "The Hobbit" by Tolkien, which started it all, goes without saying. You should probably read those first as they are the standard by which other fantasy is often judged, for better or worse.
Check out Amazon for other reviews. There are a number of other sites, newsgroups, etc. which discuss fantasy as well.