TAOCP is awesome. If I had been advised to read it when I was 15, I probably would have either studied it as hard as I could, or given up after the first few pages. It's pretty intense material for a beginner, in my opinion. But only you can judge for yourself. Take a look at a copy of it, if you can, before you buy it. TAOCP focuses on algorithms and other microscopic aspects of programming; it may not offer much insight into building whole software applications.
Also, you might consider looking at Don Knuth's book Concrete Mathematics, which is a somewhat more casual coverage of the math chapter in the first volume of TAOCP.
You mention in a comment that you want to learn software architecture. I really like this book:
Either way, don't give up on TAOCP. Whether if you're ready for it now, or if you want to wait a few years, it's great that you're interested in reading it, and I would encourage you to study it as much as you can, if you discover that you are indeed intrigued by the topics it covers.
Thanks, and which language should I focus on the most? Currently I know PHP and lately have started playing around with python too. Should I stick with pyhton or try out C or C++ before too as I have really less experience with C.
I suggest Python. PHP is okay enough for web applications, but suboptimal for just about anything else. C is certainly worth learning, but can be challenging to use. Python is a pretty good language to learn with, and is perfectly usable for real projects.
What are the best books for pyhton, I have started reading How to Think Like a Computer Scientist, is it good enough or should I start with some other book?
P.S. I know pyhton, but want to further improve my skills in it.
Also, you might consider looking at Don Knuth's book Concrete Mathematics, which is a somewhat more casual coverage of the math chapter in the first volume of TAOCP.
You mention in a comment that you want to learn software architecture. I really like this book:
http://www.amazon.com/Software-Architecture-Primer-John-Reek...
If you're into web applications at all, perhaps the best book to understand the basics of design is:
http://philip.greenspun.com/seia/
Either way, don't give up on TAOCP. Whether if you're ready for it now, or if you want to wait a few years, it's great that you're interested in reading it, and I would encourage you to study it as much as you can, if you discover that you are indeed intrigued by the topics it covers.