Philip Pullman for me, hands down. His Dark Materials is my favorite fantasy series and I am still looking for something to read that can top it. It doesn't surprise me to see that not many people have read it here, as it's one of those rare diamonds that splendidly dances outside the limelight, so if you're only checking out the most mainstream titles, you'll probably miss this gem. It's fresh and unique, and especially since I've been a bit sick of regular fantasy lately, it's a great breath of fresh air from that...although that could be because the first world it takes place in is as cold as Narnia. Although I'd say it's more than just fantasy, more a mix of Adventure, High Fantasy, Science Fiction, Theology and Physics. It's headed by a fantastic cast of characters, enriched with among the most powerful characterizations I've ever come across in reading, not to mention that the entire work of it is brilliantly written, something that has tended to impress me over and over again as I've read and reread it. That's probably enough HDM praise though...just know that it's a masterpiece and call it a day.
Other than that, JK Rowling has already been mentioned numerous times, but I loved the Harry Potters so there's no harm in mentioning it again. I haven't read LoTR yet but it seems I'll have to pick it up, aside from the numerous mentions of it in here and general critical acclaim, a lot of Pullman's critics have put HDM beside LoTR making me all the more curious. Currently I'm starting The Gormeghast Trilogy though, which I've heard is another fantasy classic not to be missed.