Interesting thread and a question I believe I should have long pondered in advance but failed to do. I'll be happy to provide my response right here and ow, however. My favorite Zelda race is definitely that of the Gorons. There simply is no race which has experienced so profound a change in patterns of settlement and civilization throughout franchise history.
As Skyward Sword showed, the Gorons started off as a largely nomadic race with individuals scattered across various regions of the three landmasses-Faron, Eldin, and Lanayru. In the timeline interval between Skyward Sword and Ocarina of time, the race began to settle and form villages such as the one carved within Death Mountain. A leader was also designated who by the time of Ocarina of Time was Darunia. Around the same period as Ocarina of Time but in a parallel universe, the Gorons atop Snowhead Mountain in Majora's Mask were adapting a slightly different but equally intricate culture which had to adapt itself to a radically different climate. In Twilight Princess we see a return of the race to a volcanic setting once again but one that is clearly more modernized as the Goron Mines serve to highlight. It's this complex change over time that cements the Gorons as my favorite Zelda race.
The Koroks from Wind Waker are actually my favorite race! I love how personable they are. They produce beautiful music, and the relationship they have with the Great Deku Tree is very sweet! Also, they're just simply adorable little creatures. I also like the way they care for the earth, when they go around and plant little mini Deku Trees.