You can literally recommend the entire epic fantasy genre if you like The Wheel of Time. Here's my guide to some of the most similar books to The Wheel of Time, or at least books I feel you will probably like if you enjoyed Jordan's work.
Classic Epic Fantasy with Magic, Swords, and Action Galore
The Way of Kings
If you loved The Wheel of Time, you absolutely must read Brandon Sanderson's The Way of Kings, first book in his Stormlight Archive saga (a 10-book epic fantasy saga). Way of Kings is Sanderson at his best. This is HIS version of The Wheel of Time (and the man's certainly got the resume to write it, having directly penned the last 3 Wheel of Time books). This is the closest you'll find to Jordan's series, hands down, but updated for the 21st century. For another epic fantasy with a very interesting magic system, where a company of heroes fight against an evil god kin, read Mist Born by the same author (Brandon Sanderson).
The Death Gate Cycle
You might also try Tracy Hickman & Margaret Weis's The Death Gate Cycle, a monolithic seven book saga that's reminiscent of Jordan's style: heavy on the magic, tension and action, but unique enough not to be a banal hack. By far it's the best stuff both authors have done up to this day (they usually write the sort of hack fantasy that I rail against on this site).
You might also try Raymond E. Feist's Magician (and the direct sequels), as he writes in a style and flavor similar to Jordan (heavy on politics, action, and magic). It has a callow youth vs end of the world plot (eventually).
A Man of His Word
For a high-fantasy series that's criminally under-appreciated, read Dave Duncan's classic A Man of His Word (starts with Magic Casement). The basic premise sounds pretty hackneyed, but it's far from that. Duncan takes many of the classic fantasy conventions and puts a unique twist on everything. Some of the best classic epic fantasy in the genre.
Jim Butcher's Codex Alera is also another magic-packed, plot-driven, epic fantasy feast of a series you might like. It's got a really unique magic system and it's fantasy set in an alternate Roman Empire where magic actually works.
The Briar King
You can read The Briar King series by Greg Keyes for an epic "save the world" fantasy that starts with a big big bang but ends in a bit of a whimper. Despite the somewhat disappointing ending, it's a very well written series that's better than your average epic fantasy.
The Rune Lords
If you are hunting around for more action- and magic-heavy series, you might give The Rune Lords series. It probably has one of the more unique magic system I've seen; the story itself is pretty standard fare though, as are the characters and writing.
For an interesting epic fantasy that's big on adventure and exotic characters and landscapes and one that takes place on the sea aboard a giant ship, give the Chathrand Voyage series by Robert VS Redick a read. I was not a fan of the very last book, which I felt was a letdown, but the first few books are great reads. Wheel of Time on a boat of sorts.
Also read Amber (the first half) by Roger Zelazny. Not the same plot, but there are some similar things I feel. Better written, however. Its epic overall and combines modern elements with the fantastic. Really, this is a classic you should read.
If you like classic village boy vs dark lord fantasy of the 80's and 90's, then read David Eddings The Belgaraid.
You might try Dragonlance if you like action and magic and plenty of shallow characters. I'm not a fan, but there are quite a few. You might just like Dragonlance if you love The Wheel of Time.
Slow-Paced, Character Driven Epic Fantasy
If you are looking for epic fantasy that's not necessarily driven by pure action and magic and battles, these are some recommendations to look at
The Sun Sword
Try Michelle West's The Sun Sword, another large epic fantasy saga (six books) that shares some similarities with Jordan's Wheel of Time. West's writing style is drastically different that Jordan's, however -- far more subtle, and often ponderous. If you are an action freak, The Sun Sword pacing will probably be a bit too slow for you. Good for lovers of fine writing where every plot is meticulously woven together over a long period of time and characters are slowly built up. NOT for the action freaks.
The Wars of Light and Shadow
For a slower-paced, character-driven epic fantasy, give Janny Wurts "The Wars of Light and Shadow" a read. It's a huge epic fantasy that concerns itself with the actions of two opposing "heroes", one that's on the light side and one that's on the dark side. Much slower paced and more character driven and better plotted than the Wheel of Time -- which some will love and some will hate. But hands down, the prose is much superior.
Tigana by Guy Gaverial Kay. One of the best writers in the genre. This was his first series and it's a flawed one. But there's a lot to love. Some similar elements to Wheel of Time (dark lord, group of heroes fighting) but plenty of non-similar elements too (heroes are from our world transported to a magical world and it's actually WELL WRITTEN). Not as much action and magic as Wheel of Time though.
Farseer Trilogy by Robin Hobb. Another classic fantasy that's character driven. Not as epic in scope (it's the tale of a bastard boy who becomes entwined in politics and eventually has to save the kingdom).
The Name of the Wind
The Name of the Wind by Patrick Rothfuss. High fantasy, not epic fantasy. But man, an astounding read. One of my favorite books of all time. Not the same as The Wheel of Time, but in regards to the magic system, a very systematic breakdown of magic (like Wheel of Time) usage and a wizard school setting (WOT features this in quite a few of the later books).
Modern Dark and Gritty Epic Fantasy
Fantasy has evolved the past 10 years. Now dark, gritty and sarcastic is in vogue. If you want a more complex fantasy where characters are often shades of gray and heroes are more anti-hero than hero, where heroes sometimes die and no good deed goes unpunished, these series are the best.
A Song of Ice and Fire
Give George R.R. Martin's A Song of Ice and Fire a try. It's a massive epic like Jordan's The Wheel of Time (but not as long), and it's universally held in the highest esteem, a sort of paragon of what all Fantasy books should strive to be. You thought those "Dragonlance" books were good? Feast on Martin for a taste of what Fantasy books should be like.
The Mazalan Book of the Fallen
For a different style of epic fantasy, you may want to give Malazan Book of the Fallen a read. It's also a massive series like WOT, spanning 10 books and it's completed as well, so no waiting around for the sequel books. The series has a huuuuge cast of characters, magic galore, and features large-scale battles that are as vicious as they are exciting to read. But don't expect the WOT; Malazan is a different sort of fantasy that provokes strong feelings -- you will love it or you will hate it.
Thomas Covenant the Unbeliever
Thomas Covenant the Unbeliever series. It's an epic series with different races, peoples, magic, and a dark lord. But for all the elements that are the same as Wheel of Time, there are as many differences. This series is arguably a subversion of the fantasy genre.
The Dagger and the Coin
A new fantasy series that's been making some pretty big waves in the fantasy world is The Dagger and the Coin series by Daniel Abraham. It's sharply written with a cast of complex, grey characters. In the background, it has many of those epic fantasy conventions (world ending darkness coming into the world, many different races and creatures, mysterious magic, etc). It's not your typical epic fantasy though -- think of it as epic fantasy 2.0.
The Black Company
For a darker less "epic" fantasy where all the characters are completely grey (and evil is not necessary evil), give The Black Company by Glen Cook a read. There are a number of books in the series, but I recommend reading the (best) first series (called "The Books of the North") of the Black Company followed by the next best series (The Books of the South).
The Prince of Nothing
For a different take on the whole epic fantasy movement, one that's darker and more gritty where heroes are not always heroes or good guys, you might look at Scott Bakker's The Prince of Nothing series. Epic fantasy, wars, brutality, heroes and philosophy? If you love epic fantasy that does something different, read this one.
The First Law
In the same vein, check out Joe Abercrombie's The First Law series. And for a real subversion on the whole epic fantasy genre, give Richard Morgan's The Steel Remains a read. These recommendations are a more modern, "adult" take on the classic epic fantasy that Jordan wrote
The Dark Tower
And for my final "epic fantasy recommendation," read Steven King's The Dark Tower. It's a 7-book monstrosity that's taken King several decades to finally finish. In fact, many of King's books indirectly tie into the The Dark Tower in some way or the other. It's sort of like a cross between the western genre, the post-apocalyptic genre, and the fantasy genre. Well worth reading for a different take on the whole epic fantasy thing.
The Red Knight
You may find you like The Red Knight (Traitor's Son Cycle). Lots of action, lots of magic, a large cast of heroes, monsters to kill, lots of war, castles, knights, and ladies. This was one of my favorite reads of 2013. Book 2 came out this year.
Sword of Shadows
Sword of Shadows series. Classic Jordan style fantasy with a darker and grittier edge. Only, it's not finished and I can't remember when J.V. Jones wrote the last book. There are 4 of 5 books out.
For more epic fat fantasy recommendations in the vein of The Wheel of Time, check out the Best Epic Fantasy Recommendation list.