I think you would use these two sentences in slightly different situations. Your sentence would probably be "Yah sabse achchee kitaab hai."
The two English sentences have different meanings. "This book is best" means it's the best book of a limited set; for example, in reference to a series of books, you indicate the one that is best [of the series].
If you say it's "the best," you're literally saying it's the best book in existence; colloquially, you're just saying it's a good book. This distinction applies whether you're talking about books, people, or anything else.
This book is the best of all or From all this book is the best i don't know, but it feels that the "of all" is missing.
When you say something is best, it automatically suggests that the thing better than every other thing of similar kind. So "of all" would make it look like the thing you just called "best" is better than any other thing in the world. But here it is only stated that it is better than any other book. Hope this answers your question. If this confuses you, i apologize. Please reframe your query and i will try again.