The Wizard of Oz
is aclassic film from an era when American studios were confident and breaking ground (within the discipline imposed by the Hays Office). Stuffed with now-amiliar tropes -- the yellow brick road, the wicked witch, the emerald city -- and a supply of often-quoted lines, famous songs, and gags, the film is probably as entertaining now as it was in 1939.
Oz was groundbreaking in a number of ways, most obviously in its visual impact. The Wizard of Oz Movies in color had been made for a while, but most films in 1939 were still in black and white, so the gimmick of beginning in B&W and shifting to Technicolor was very effective.