Ok, top five Manias, in chronological order, based on the whole  show, and an indication of my personal favourites rather than claiming  they were the "best":
 
Wrestlemania IV:
Tournaments are great.  This theme makes IV stand out amongst all the early Manias that were  generally lacking in legitimate match quality. Whilst booking it  differently would have made the show that much better (ie. not  eliminating Ricky Steamboat in the first round, thus forcing Savage to  go through a rematch against his greatest opponent en route to the  final) the whole show told a compelling story from start to finish,  culminating in Randy Savage being elevated to the top as a legitimate  babyface champ. The fact that the whole thing also perfectly set the  seed for the story that would headline Wrestlemania V makes it even more  impressive, as it would be nearly a quarter of a century before WWE  would present a single storyline that would incorporate consecutive  Mania main events again.
It's often forgotten that this show also had some memorable moments  outside of the tournament, with Bret Hart getting some early singles  exposure in a battle royal that he got double-crossed out of by Bad News  Brown, and Demolition taking the tag titles from Strike Force, setting  the scene for their breakup and the emergence of Rick Martel's "Model"  character.
If nothing else, this show deserves credit for having the bravery  to take both Hogan and Andre out of the running early on. Going into the  show, nobody would have predicted that the final wasn't going to  involve either of these two (presumably Hogan), and using their grudge  feud to clear the way for elevating both Savage and Ted DiBiase was  inspired booking.
Wrestlemania VIII:
This one isn't  often mentioned as one of the best Manias ever, a fact that's  understandable considering we're talking about a show that included a  throwaway 8-man tag, a tag title match ending in a countout, Owen Hart  pinning Skinner in under ten seconds, a 4 minute Tatanka squash and a  main event ending in a DQ. However, as a child I watched this one on VHS  more than any other show, and seeing it more recently I still think  there is plenty to enjoy.
This was the first Wrestlemania in 5 years to be held in a huge  venue, and the visual of 62,000 screaming fans packed into the Hoosier  Dome gave a big event atmosphere that had probably been missing.  Strangely, this show didn't seem to suffer the same issues as modern  dome shows with regards to crowd noise being lost in the cavernous  building, as the crowd was audibly red-hot throughout the show. Whatever  they did to mic up that building, they did it right (incidentally  making TNA's inability to do the same with technology 20 years  more advanced, and a building a tenth of the size, even more  embarrassing). The aural delights are compounded by the always wonderful  commentary team of Gorilla Monsoon and Bobby Heenan. These two had an  incredible ability to be entertaining comic characters in themselves,  whilst still managing to add focus, hyperbole and context to the  matches, and may be the finest commentary team of all time.
I've always loved the opener, as Shawn Michaels had his first Mania  singles match against Tito Santana. The match wasn't exceptional, but  Tito knew how to work as a babyface and Shawn's bump-machine heel  character was so good that it would begin to change the WWE's entire  style over the next few years. 
Whilst The Undertaker's Streak started the previous year in a  squash against Jimmy Snuka, this year's grudge match against Jake  Roberts can be seen as the earliest sign of Taker's invincibility at the  biggest show of the year. Jake's DDT was the most over and feared  finisher in the business at the time, and seeing the Deadman kick out of  TWO of them put Taker over as a babyface like nothing else could.
The Bret Hart vs Roddy Piper match was simply one of the greatest  Mania matches of all time. A story so simple it feels complete watching  just the pre-match interview and the match itself, yet one that is  utterly compelling. Any wrestler who wants to learn the psychology of a  babyface match, a brawler vs technician clash-of-styles match, or simply  wants to learn how to use body language and facial expressions to sell a  story to a crowd of any size has no excuse to not watch this match.
Whilst it's hard to argue that this shouldn't have been the show  that gave us a Hogan vs Flair dream-match (really, the fact that WCW had  the opportunity to put that on PPV for the first time is  unforgivable), the reality is that the match itself would almost  certainly have failed to be as good as what we got. Flair vs Savage is  quite simply one of the finest examples of an emotional  sports-entertainment grudge match you'll ever see. Ric Flair is the  perfect heel champion here, bumping, bleeding, cheating, strutting and  wrestling like no-one else can, whilst Randy brings more intensity and  fury than anyone wearing bright yellow tassled lycra has any right to  bring. The Miss Elizabeth angle (and great selling) allowed Randy to  generate incredible sympathy, which goes some way to explaining the  absolute MONSTER pop his eventual victory received. Absolutely brilliant  stuff.
The other half of the "Double Main Event" is remembered as a bit of  a disaster. This is probably not surprising considering the convoluted  booking, the botched DQ finish, the involvement of Papa bloody Shango  and the fact that neither the Hulkster or Sid are exactly Lou Theszmoveset looked like it could  kill you), Hogan's selling was top-notch, the crowd were clearly into  the match and the Ultimate Warrior run-in got another enormous pop to  end the show. Best Wrestlemania main event ever? Of course not, it was  barely in the top three matches of the night, but I think there's a lot  more here to enjoy than it gets credit for and twenty years later is one  of the more memorable main events in Mania's history.
 
 

  
Wrestlemania X-7
I considered  Wrestlemania XII for the list because I'm such a mark for the Iron-Man  Match and I didn't want to be too biased toward recent shows. However, I  cannot in good conscience praise a PPV with only 2 noteworthy matches  (the Piper vs Goldust "Back Lot Brawl" was a lot of silly fun).  Incidentally, this is the same reason why Wrestlemania X gets ignored.
Talking about Wrestlemania X-7 seems unnecessary, so often is it  cited as the greatest show in the history of the WWE. Quite frankly the  praise is completely justified, as this show probably represents the  very peak of the company's business with the roster, creative team and  production team all firing on every cylinder to provide a blueprint for  what a Sports-Entertainment spectacle should be. If you wanted to  show any doubters that professional wrestling was a big deal, you would  have sat them down to marvel as 68,000 fans going out of their minds for  3 hours, with a production setup that made U2 gigs look understated and  cheap. Every match on the card was there for a reason, and everyone on  the roster was over. Never before, and never since, was the term  "Superstar" such an appropriate term for anyone who was a WWE wrestler.  Watching this thrill-ride of a show, perhaps the only weakness is the  finish of the main event as (with hindsight) turning Steve Austin heel  in Houston and aligning him with Vince McMahon was an act of astonishing  stupidity. Many people cite this decision, alongside the ascendance of  Stephanie McMahon to the head of creative, as major reasons why the  company never quite reached this level again. Regardless of whether that  is the case (and it's extremely debatable), on the night the finish  did nothing to detract from a quite remarkable show. If anything it left  the audience with every reason to believe the following year would be  unmissably fascinating, with the McMahon's purchase of WCW surely about  to begin the most eagerly awaited angle in history, and Stone Cold Steve  Austin making the biggest heel turn since Hulk Hogan. History  shows 2001 didn't work out that way, but that's not Wrestlemania X-7's  fault, and this list would be farcical without it.Wrestlemania XIX:
If Wrestlemania X-7 was the  peak of the attitude era, Wrestlemania XIX was perhaps the event that  showed that there would be life after the Monday Night Wars. 
If  this show didn't quite hit the heights of X-7, it's probably due to the  first four matches being somewhat rushed considering their potential.  Matt Hardy and Rey Mysterio had a nice little opener for the  cruiserweight title, but at under 6 minutes these two were never able to  truly showcase their abilities. Trish Stratus, Victoria and Jazz all  had in-ring abilities to put the vast majority of today's Divas to  shame, but a 7 minute Triple Threat match leaves very little opportunity  to create a true "Wrestlemania Moment". The bout between Team Angle  (Shelton Benjamin and Charlie Haas), Los Guerreros and Chris Benoit  & Rhyno highlights a tag division that 2012 would truly benefit from  (especially notable considering RAW had a completely separate tag  division at the time), and giving them more than 8 minutes would surely  have allowed these great workers to make some magic. As it stands, these  were all decent matches so any "what might have been" criticism is  probably a little harsh. This was probably the first Wrestlemania that  would have benefited from WWE's later switch to a 4 hour show (without  having to resort to the sort of complete dreck they throw in to pad the  show now).
As for why this show was great, the second half of the show  provided a card that would stand up against any other. Shawn Michaels'  Wrestlemania return was an instant classic. Hulk Hogan and Vince McMahon  had the kind of precisely booked, surprise filled and entertaining  brawls that only WWE have ever been able to pull off with supposed  "non-wrestlers". The Rock and Steve Austin finally ended their rivalry  with something of a Greatest Hits match that was as good a tribute and  sendoff to the Attitude Era as anyone could hope for. Finally, Kurt  Angle and Brock Lesnar overcame Angle's major neck injury, and Lesnar  knocking himself out before the finish, to give Wrestlemania its most  athletically legitimate main event ever. To see an Olympic Gold Medalist  and a former NCAA Champion (not to mention future UFC World Champ) go  20 minutes in front of 54,000 rabid fans showed just how far the in-ring  product had moved on since the era of Hogan and Andre.
Whilst the Undertaker/Jones vs Big Show/A-Train and the HHH vs  Booker T matches were ultimately disappointments, you would be hard  pressed to put on a 3 hour broadcast with a better product than this  show had. If that isn't reason enough to put it in my top five, the  sudden and inexplicable proliferation of rolling prawn holds in the  matches surely seals the deal....

Somehow knowing you've only got one more pick makes a final  decision that much harder. There are a lot of "modern" Wrestlemanias that  I've loved for various reasons. Wrestlemania XX was my first in person,  at the greatest arena in the world (MSG), and featuring the most  genuine feelgood ending in the history of the business, with longtime  friends and underdogs Eddie Guerrero and Chris Benoit standing on top of  the business as world champions, sharing the moment with each other,  their families and 18,000 fans shedding more tears than such a  testosterone-fuelled pursuit should produce. Events that followed have  obviously soured this moment somewhat, but at the time it was like the  wrestling gods were smiling on the hardcore fan like never before. Sadly  a bland undercard hurt the show.
Wrestlemania 21 had Shawn Michaels vs Kurt Angle and the birth  of Money In The Bank, but the main events were completely forgettable.
Wrestlemania  23 was a strong card from top to bottom with an excellent main event in  HBK vs John Cena, but there's nothing about the show that stands out as  a true "Wrestlemania Moment".
Wrestlemanias 25 and 26 gave us the HBK vs Undertaker series,  possibly the greatest pair of matches in the history of the event, but  this excellence is spread too thinly to feature here. 
With a lot of strong cards and spectacular events in the "20s", one stands out as clearly the finest modern Mania:
Wrestlemania 24:
This show has  everything that makes Wrestlemania the event that anchors the entire  wrestling calendar. Huge crowd, spectacular venue, incredible production  and a card fit to burst with great action, hot feuds and fascinating  attractions. With so much to focus on, from the fun Finlay/JBL brawl to  open, probably the best of the Money In The Bank matches, a strong  triple threat match between HHH, Cena and Orton, a perfectly booked and  entertaining celebrity attraction in Big Show vs Floyd Mayweather to a  phenomenal main event as Undertaker's streak is too much for Edge, there  is one match that stands alone. 
The "Career Threatening Match" between "Nature Boy" Ric Flair and  Shawn Michaels is, quite simply, the finest example of professional  wrestling as narrative art you are ever likely to see. Both men have had  matches that were technically better, as you'd expect when their  combined age was over 100, but if you want to show somebody why  professional wrestling can tell a story in a way that no other medium  can then you show them this match. The video package that precedes it  shows non-fans just how big a deal "Naitch" has been for the last 30  years, whilst presenting HBK as the guy who went from idolising Flair to  being the best in the world himself. The "Old Yeller" reference in the  feud was the most inspired piece of writing I have ever seen in  wrestling, somehow managing to turn two men in lycra pretending to fight  into a heartbreaking story of mortality, pride, respect and,  ultimately, love. If this sounds somewhat grandiose, take another look  at the moment when this fusion of scripted story and 30 years worth of  real life; memories shared with millions of fans around the world, boils  down to the moment when Michaels speaks for us all as he clearly mouths  "I'm sorry, and I love you" to his hero before delivering the final  blow. No other art form blends reality and fiction in quite the same  way, and it has never before been done with such perfect circumstance  and execution. 
Seeing Ric Flair take his final bow, and the genuine outpouring of  emotion from everybody present, it was a moment that couldn't have taken  place anywhere but Wrestlemania. If WWE had cancelled every other match  on the show but this one, Wrestlemania 24 would still be one of the  greatest of all time.