The Hobbit and Lord of the Rings is probably the best fantasy tale ever written in English. Yes, it borrows heavily from mythology, but Tolkien has brilliantly used those myths to create an entirely new mythology, with its own history, its own tales, its own logic. Actually, I re-read it about once a year!
I'm not saying its perfect in every way, because it is not. Tolkien wrote it over quite a few years, with wide gaps when he was not able to find time to continue it, and there is sometime a lack of what film-makers call 'continuity' (for example, Gollum is sometimes described as black and sometimes as white); but the atmosphere and characterisation are beautifully done and the plot(s) brilliantly realised.
I cannot recommend it too highly. It is my favourite book ever.
You should read The Hobbit first, as it is really an important Prologue to LOTR as well as being a good read in its own right.
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