The New York Yankees with 27 World Series championships are the most in Baseball.
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The MLB team that has won the 2nd most World Series is the St. Louis Cardinals. They have won 11 times and lost the World Series 7 times. But, the team that has won the MOST World Series is the New York Yankees. They have won 27 World Series and lost 13 World Series.
It was always called the World Series.
The New York Yankees hold this honor. They are actually ranked first and second for this achievement. They won five World Series from 1949 to 1953. They had earlier won four World Series from 1936 to 1939.
Currently (2010), it is decided by which league's team wins the annual MLB All-Star game. If the American League's team wins, the first game of the World Series will be played at the AL representative's ballpark. If the National League's team wins, the first game of the World Series will be played at the NL representative's ballpark.
Atlanta Braves lead the MLB with 25 last at bat wins this season. It's the same number of last at bat wins they had when they led the league in that category in 1995, the last year they won the World Series.