Terry Pratchett's Discword is without a single doubt my favourite book series, with my favourite books from that probably being the Nac Mac Feegle books. (Tiny Scottish Faeries)
Hat Full of Sky was the first one I ever read, my dad bought it for me when I was in hospital and I've been determined to collect every single Discworld book since then, I do have quite a few of them.
My outright favourite book that I own though would have to be my Lord of The Rings book, it's also one of the largest books I own.
At the minute I'm reading two Discworld books I recently got, Mort and Witches Abroad.