All the best,

Bill

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We can see 'All the vest' at the end of a letter. What is the meaning of it? Which one is similar to 'All the best'?

All the best <~~just a short version of a longer sentence to end a letter, just before the writer's name.

It means something like "I wish you all the best things."

Other closing phrases for letters (or sometimes email, depending on how formal it is) are these:

Sincerely,
Sincerely yours,
Yours,
Regards,

There are several different articles in here that may have more examples: http://jobsearch.about.com/lr/letter_closings/1045594/3/