Whereas my five favorite movies of 2014 were released in 2014 my five favorite books may have been written this year or anytime prior. If I've read the book through already and said something about it online I will link to those comments. If not, I'll say a few words here.
(4) Konrad Hammann's Rudolf Bultmann: A Biography
(2) Francis Watson's Gospel Writing: A Canonical Perspective is destine to be a classic. It challenges the way we think of the reception of the canonized Gospels as well as our artificial divide between the first and second centuries when it comes to talking of these matters. I'm about half way through the book, but even if it only contained the first half it would be worth mentioning.
Honorable mentions: James D.G. Dunn's Baptized in the Holy Spirit; The Galilean Economy on the Time of Jesus edited by David Fiensy and Ralph Hawkins; Craig A. Evans' Jesus and His World: The Archaeological Evidence; Justo L. González's Mañana: Christian Theology from a Hispanic Perspective; Harold W. Hoehner's Herod Antipas: A Contemporary of Jesus Christ; Chris Keith's Jesus Against the Scribal Elite: The Origins of the Conflict; David R. Law's The Historical-Critical Method: A Guide for the Perplexed; Priscilla Pope-Levison's Building the Old Time Religion: Women Evangelists in the Progressive Era; Peter Richardson's Herod: King of the Jews and Friend of the Romans; Spirit and Scripture: Exploring a Pneumatic Hermeneutic edited by Kevin L. Spawn and Archie T. Wright; Graham H. Twelftree's Paul and the Miraculous: A Historical Reconstruction; Molly Worthen's Apostles of Reason: The Crisis of Authority in American Evangelicalism