For our older kids, we use the Children's illustrated NRSV (from Cokesbury).
For the younger children, we use the "Arch" Bible storybooks from Concordia Publishing.
Thee Arch stories are retellings for little kids in easy to understand language. They have good modern illustrations. "Each 16-page book retells part of Scripture in engaging rhyme, creating a memorable way to explore the Bible. The last page of every book is especially for parents with tips on how to talk to kids about the story’s meaning and how it connects to the Christian life."