There is nothing like a fast paced, action packed martial arts movie! Here is a short list of the best of the bunch. This is only a small sample and you will probably notice that the majority on the list are from the 70's because I went for mostly for those classics, iconic movies. Anyway if you feel that there is another that should be on here it would be great if you could post it in a comment.
Drunken Master (1978)
This is the movie that showed the world what Jackie Chan was capable of. It showcases not only his martial prowess but also as his acting skills. His ability to inject humour into a story makes this a tremendously entertaining film. He stars as Wong Fei Hong, a bad student who just doesn't get kung fu. As a result he is sent off to his uncle where he learns the art of drunken boxing.
Enter the Dragon (1973)
A classic Bruce Lee film that was unfortunately his last as he died during post production. It has excellently choreographed fight scenes and action that won't let up. As a Shaolin monk he infiltrates the organisation of a billionaire crime lord and ends up fighting in his tournament on an isolated island.
Snake in the Monkeys Shadow (1979)
Another awesome Jackie Chan film with his trademark humour and fighting. A bullied peasant boy finds a natural talent for martial arts. He combines drunken style with monkey style to take on the two snake style killers.
Shaolin Temple (1979)
This was the movie that kicked off the 1980's boom of martial arts movies. It also gave Jet Li, the Wu Shu World champion, his start in the industry. It is all real action - no wires, no stunt doubles. It was even shot in rural China, not a studio set. It is a traditional revenge story, based on a legend, about a boy getting revenge on an evil warlord for killing his father.
Fist of Legend (1994)
This is a re-envisioning of Bruce Lee's Fist of Fury it has some good solid acting and plot but it doesn't get in the way of Jet Li kicking ass. It is set in 1937 during the Japanese occupation of Shanghai and follows a Chinese student as he contends with the Japanese authority as well as seeking the murderer of his master.