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It is difficult to pick one book. When I started baking, 4 years ago, I bought Williams-Sonoma Essentials of Baking and it became my go to book for the first year. It is clear, concise, and most things turn out well. But at this point, I have come a long way, and I must say, I use Cooks Illustrated Best Recipes alot. I also use all Barefoot Contessa books, Heirloom Baking, and 100 more books on an as needed basis. Many people swear by Rose Levy Berenbaum Cake Bible, or Nick Malgieri. I also use recipe websites(allrecipes, recipezaar,etc.)

The answer might heavily depend on what kind of baking appeals to you. If you are aiming for restaurant style pastries (multiple components, more complicated presentations) you might want a more professional-oriented book, or at least one written from the perspective of a "pastry chef."

I have learned much from Desserts by Pierre Herme and also Sherry Yard's The Secrets of Baking. Herme's is more a collection of recipes, compositions, really, with less background explanation, but will knock your socks off with the results. However, I would in no way recommend it for a beginner. Once you've made a few different types of cakes and creams, Herme is perfect for showing you unusual ways to combine elements and create really special desserts.

Yard's book is definitely more comprehensive and designed to be an educational text for the home baker.

On further thought, I really strongly recommend Sherry Yard's book. It is, as I mentioned, more than a collection of recipes or compositions, and takes very seriously the aim of helping you understand how different recipes work and why the small changes in ingredients or technique produce different results. However, it is entirely addressed to the home baker, and she doesn't demand much in the way of hard to find equipment or ingredients. The results are generally restaurant-style: sleek and sophisticated, but not exclusively so. It won't take you 3 days to make her recipes.

If you are content with a collection of delicious recipes that are more homestyle, then what is best is very highly subjective. I hear constant high praise for Dorie Greenspan's book. Anything that she's worked on (including the Herme books and Julia Child's baking book) will be rock solid. She's extraordinarily gifted at translating the multi-sensory process of baking into clearly worded recipes.

The Julia Child book (Baking with Julia) is great for addressing both pastries and breads, and I refer to it constantly. I bake from it less, though, because it is a compilation of different source's recipes (different bakers). They are all masters, but for my own personal reasons, I'm more inspired by a clear, strong voice and approach than by a compilation.

So in sum, I'd start with Sherry Yard's Secrets of Baking. Even if you just read through it, and never make anything, you'll have learned a lot. Once you get a feel for what you like to bake (maybe you don't enjoy pies, or breads, or cakes) you'll find some really authoritative, more specialized works. The Cake Bible, for example, is a master work.

Any book by Carole Walter, especially her latest Great Coffee Cakes, Sticky Buns, Muffins & More... absolutly fabulous. her directions are clear and concise like she's standing right next to you and her headnotes are a joy. after her, anything by maida Heater. Love them both.

For the home baker, I definitely agree that my go to "bible" for baking is definitely Dorie's "Baking: From My Home to Yours".

The book is wonderfully done...has a nice variety of everything that a baker starting out should try but also has a nice mix of hardish recipes thrown into it as well. Make something and it's almost guaranteed to turn out delicious because the instructions are so well illustrated and clear. The "basic" recipes are quintessential (brownies, cookies, quickbreads, pie, layer cake etc.) and they come with suggestions for storage and variation. To testify, I've never met a fluke so far...her recipes have been consistently delicious.

oh, and, her tart crust is foolproof.

I'm going to have to go with Martha Stewart's Baking Handbook. I took it out from the library to see if it was worthwhile and had to go buy a copy.

This subject cycles around every couple of months...And each time it does, my list may be different depending on season and baking needs.

OK...If I had a gun to my head and had to think fast...

The Cake Bible by Rose Levy Beranbaum. This is a compendium of wonderful cakes - both show stoppers and humble "coffee break" stuff. RLB is a little anal about instructions but this serves the novice baker well and after baking a particular cake a few times, you start to skim the instructions. The Chocolate Oblivion Truffle Torte is not to be missed - but beware...Spontaneous orgies have been known to break out immediately after dessert.

Bread Alone by Daniel Leader. Leader doesn't bake bread, he worships it. All the luckier for us. Couldn't even pick a favorite loaf, they are all swoonworthy.

Baking With Julia OMG. Talk about a veritable avalanche of talent. You've got the best of the best showing off in front of the Queen of Culinary Arts. The Nancy Silverton recipes are worth the price of purchase.

I'm going to stop there or I will completely defeat the purpose of your question.

For the scientific-minded, or those that just have a desire to understand the insides of "why" baking works the way that it does, I would highly recommend Alton Brown's "I'm Just Here For More Food." I love that one. But, I have to admit that although I love baking, I have found that there is really no one book or collection that really covers everything. Some books are wonderful as a foundation, such as the baking section of the New Betty Crocker cookbook, which explain in general terms why cookies are falt or puffy, et cetera. but, others are great for specific types of baking, such as The Cookie Bible, which just serves as a great compendium on lots of varieties of cookies, though is by no means the end all and be all of cookie cookbooks. Others are great for their cultural significance, such as Breads of the World. Like @renzata said, it depends on what you like, what you want to do, as well as what your experience level might be. I thik that you would be happy with any of the selections that people have noted, and I myself now really want to check out Dorie. Believe it or not, I have never seen her books!

Maida Heatter's 'Book of Great Chocolate Dessert's'
Maida Heatter's 'Book of Great Desserts' or any of her books.
Jacques Torres 'Dessert Circus'

half.com has From My Home to Yours for 12.99