Each Fable game occurs in a distinct era of Albion's history, so there's no single "correct" sequence. Below are three popular approaches.
Identical to chronological order. Anniversary introduces the world and the "Hero" legacy; II expands on consequences of the first game's choices; III directly references events and bloodlines from both predecessors.
For newcomers, play in release/chronological order (Anniversary → II → III). This preserves story reveals and lets you appreciate gameplay refinements. Veterans may enjoy replaying in any order to test different moral alignments.