I would say, look for some gameplay videos and see which one you prefer. It's not that the second game is better because it's newer. The second game is almost as old, and has no pretty graphics in the slightest. Some people really prefer DK1, others like the sequel.
The first game was a huge experiment for the developers, a true project of love even, which eventually had to be rushed to a finish line but it has lots of charm and nice details. It's light on content, basically a single - but good - campaign and 15 separate levels, but the gameplay is very nice. Building a dungeon just feels right, but there's a good chance that after that you're done.
DK2 featured some improvements in the areas the first game was lacking(workshop, mana), but it was a quick cash grab and a rush job, and it shows. Where the first game features an imaginative cast of heroes and evil creatures, the second one is mostly humans on both sides, and in some cases even the same unit on both sides in a different color. Dungeon building is not as nice, unit's hardly have any skills( A
wizard goes from 10 to 2 abilities for example) and the campaign is not as good.
However, DK2 does has a more or less working multiplayer, a 'pet dungeon' feature, animated cutscenes and some skirmish maps.