In the UK I've always seen it done in reverse chronological order (most recent first). This may vary from country to country.
A few links seem to indicate that reverse chronological CVs are the norm. The last link there seems to break it down well, element by element.
And for the record, mine is also reverse chronological.
Publications: a reverse chronological list is a prerequisite, best presented as an appendix. Include journal articles, books or chapters of books, reports and patents
Research experience: in reverse chronological order. Emphasise specialist/technical expertise, IT skills, plus any skills required for the job. including project and people management
Education: in reverse chronological order. Focus on higher education onwards. Include awards and scholarships. Include the name of your doctoral supervisor and funding body, if appropriate