I just love every part of the movie.
If I had to pick ONE scene as a favourite, it would be the Elephant Graveyard scene (with Simba and Nala)
I really love that scene because it`s so scary and full of action.
My other favourite scenes:
Circle of Life/Baby Simbas presentation (the beginning of the movie is just epic, and I love to see the interaction between Mufasa and Sarabi, plus Baby Simba <3 )
Bath scene (Sarafina appears, and that whole scene is just so cute!)
IJCWTBK (awesome song)
Under The Stars (Mufasa and Simbas talk. It`s so beautiful and emotional)
Be Prepared (Scar is the best! Be Prepared is an amazing villain song

)
CYFTLT (Simba and Nala falling in love, this scene is so romantic)
King of Pride Rock (the very end when Simba walks up Pride Rock, taking his place as king EPIC)