Well, of the more "modern" games
Heroes of Might & Magic 1-3 would come close to Master of Magic, while it offers good high-resolution graphics. Part 1 can be downloaded right here.
Part 4 is good too, but isn't really connected in story with the previous games anymore, and most people slate it as a bad part in the series, though I liked it pretty much (except the music which isn't that great).
Other than that, I can't really think of any other "modern" strategy games of that line, i. e. fantasy setting and turn based progress, most are just real-time strategy games, of which I can recommend
Starcraft and
Warcraft III, with Warcraft being into fantasy setting.
If you can ever get hold of
Blood & Magic for Nintendo DS though, I would get it if I would be you. It's a great fantasy strategy game, real-time though, but not very like other real-time strategy games, it's unique and makes a lot of fun. See for yourself -
Mobygames