English speakers have an embarrassment of riches when it comes to translations of the Bible. There are literally dozens of choices. There are some who claim that any translation will be fine, and on the other side of the spectrum are those who insist that there is only one version that should be used - their favorite version. If you don't already have a favorite, which one should you choose?
First, we have to ask why there are so many versions. Primarily there are two things that drive the different versions. The first has to do with the way that English changes over time. The meanings of English words can change in a matter of decades. For instance, the meaning of "gay" completely changed from the 1960s to the 1990s. The longer the period of time, the more the language changes. To keep up with this, new translations come out that use the latest meanings of words so that the text of the Bible is most easily understood by modern speakers. Established versions of the Bible may make minor changes from printing to printing, but too much change essentially establishes a new version.
The second cause of different translations has to do with the approach taken in translating from Greek and Hebrew into English. Translating between any two languages is a difficult task. Translation can be viewed as a spectrum: on one side is a word-for-word translation and on the other is a paraphrase. The first results in a translation that can be misleading due to ignorance of ancient figures of speech, or differences in word order between English and the original language. On the other side, a paraphrase risks the translator merely injecting his own interpretation of the original text. In between the two is what is called "dynamic equivalence". The idea here is to translate word-for-word as much as possible, but where such a translation would be misleading to modern readers, it is converted to something that gives the reader an understanding of what was meant in the original language. Different versions fall in different places along the spectrum of dynamic equivalence - some more toward one end of the spectrum and some toward the other.
But before we make any recommendations, we need to discuss the concept of "primary version". We actually recommend that you look at multiple versions when you study. Often, where there is a difference that is an indication that the underlying original word(s) can be interpreted with different connotations. Remember that accurate translation is a difficult task and there are places where the meaning of a given word or phrase isn't clear. The experts who do the translation don't always agree. So, understanding the different possible translations is a good thing when you study. Don't worry though - the basic doctrines of the Bible do not change based on these occasional areas of difficulty in translation. For instance, there is a Greek word that is translated as "slave" or "servant" depending on context. But there are a couple of places where it is unclear which one is meant. It doesn't change the teaching - after all, slaves are a subset of servants. But it does put a slightly different emphasis on these occasional passages depending on which English word you choose. So using multiple versions in your study can be informative. And in cases of differences due to how much dynamic equivalence is applied to the text, most Bibles include footnotes to indicate what a more, or less, literal translation would be. But you should choose a version to be your primary version to use. This is the one you should use for normal reading as well as study. It should be the one you do your memorization from as well.
Well, we aren't going to suggest which version you use. Most modern versions are perfectly fine for use as your primary version. Ask your pastor or a respected friend for their recommendation. You may even eventually change your mind and change your primary version. This is fine. However, there are some translations that we recommend against using. These can be used as adjuncts for study, but should not be used as your primary version.
Paraphrases: These should be treated as commentaries rather than translations. They include the author's interpretation, which might be insightful or otherwise useful. But they are not translations. Examples include The Message, and The Living Bible (not to be confused with The Living Translation, which is not a paraphrase.)
Old Translations: This refers to works which are more than a century old. Recall the aforementioned point about how English changes over time. These were good translations for English speakers of the time, but not so much for modern people. And the older they are, the more problematic they become. The oldest translations into (early modern) English include the first: the Tyndal Bible of the early 1500s, and variations of it (such as the Bishop's Bible) dating from the 16th and 17th centuries. The King James Version (KJV) from 1611 matches these slightly earlier versions by as much as 70% since English hadn't changed much between them. Everyone is familiar with the KJV since it was used for centuries. However, it is 400 year-old English, and there have been changes. Some people think that just because it is easy to translate "Ye," "Thou," "Thine," and words with the Old English ending (-eth, and -est) that this is a fine Bible to study. They are attracted to it's "beauty" or "majesty". But there are hidden landmines for modern English speakers. There are words that seem to make sense when you read, but mean something quite different between a modern English speaker and someone from 400 years ago. In some cases, the word can mean the exact opposite of the modern meaning! To make matters even more complicated, such words can have the modern meaning most of the time they are used, but the opposite in certain places. This makes it difficult, even for scholars, to properly interpret what they read in the KJV. We aren't saying that the KJV is a bad translation - it was quite good for the English speakers of the time. But in some cases, it requires a translation into modern English from the earlier English. The insidious thing is that one can read it and think they understand it when they don't. Again, use it as an adjunct for study if you wish, but nothing older than 100 years ago should be used as your primary version.
Inferior translations: There are a few modern translations that should be avoided for various reasons. Some might be useful as adjuncts to study, though some are sadly just bad translations.
Excluding the foregoing, that still leaves quite a few modern English versions that could be used for your primary version. If you are unsure, ask just about anyone and they will be happy to give you their opinion. We, however, will avoid doing so. Just be sure that it is a modern translation that isn't specifically excluded above.