The numerator (top number of the fraction) should be recited like a cardinal number. The denominator (bottom number of the fraction) should be recited like an ordinal number.
Unless the numerator is one, make sure to put the denominator in plural form.
1/3 = one third
2/3 = two thirds
1/100 = one one hundredth
12/16 = twelve sixteenths
There are just two important exceptions:
1/2 = one half (not one second)
1/4, 2/4, 3/4 = one quarter, two quarters, three quarters (although saying “one fourth,” “two fourths” or “three fourths” would also be acceptable)