Going to go against convention here and say concrete blocks/or paving slabs (thinner) and then decorate with timber on the outside if you want it to last more than a couple of years.
We did have a raised bed area that was just treated timbers but it rotted in a few years. The replacement was a concrete block (7N) wall (with drain holes and gravel infill around drains) that was then battened and clad with cheaper timber. When the timber eventually rots away it can be simply unscrewed and replaced without everything falling apart.
You can always do a partial height block wall and then clad a bit higher up to hide the block edges.