Read The Hobbit first. IMHO, it's not the best of Tolkien's works but it is the perfect introduction into the world of Middle-earth, and it sets up The Lord of the Rings nicely. After The Hobbit, read LOTR. If you've finished LOTR and are still hungry for more, and have stomach for a lot of background and lore, I highly recommend reading The Silmarillion (be warned that many readers find The Silmarillion rather confusing. 🙂) I hope this helps, and happy reading!
