There are basically five mattress sizes:
California King: 72 inches by 84 inches
King: 76 inches by 80 inches
Queen: 60 inches by 80 inches
Full/Double: 53 inches by 75 inches
Twin: 38 inches by 75 inches
One of the primary things to consider is whether the mattress is just for yourself or if a significant other will be using it as well. Any size less than a queen will be quite difficult for two people to use regularly. A full would only give each person 27 inches of sleeping space. A couple might want to consider a king, which would give an additional 16 inches of width than a queen.
If the mattress is for a single sleeper, the size is a matter of personal preference as long as you are not too tall. Even a twin will give you as much sleeping space as half of a king. If you are on the tall side (over six feet), you definitely want to go with at least a queen. If you are even taller, you should consider the California king, which gives you an additional four inches of length.
Another thing to consider is if the mattress is for a child. Parents are increasingly choosing full size over twin for children in order to give them a more comfortable place to sit when reading together at bed time, according to The Better Sleep Council. You should also consider the future if you expect your child to outgrow the bed.
A final consideration is the size and layout of the bedroom. While just about everyone would like their own king mattress on which to sleep, a tiny studio apartment might not the ideal place to put it. Measure the place where the mattress is going to go and think about the layout of the rest of the bedroom furniture. Make sure there is enough room to pass on all sides of the bed. If you tend to toss and turn, consider putting one side against the wall to keep you from falling out of the bed at night.
Consider the aesthetics of the layout too in order to make sure the mattress size works with your plan. What the Chinese called feng shui is simply a way to describe the art of placement. According to a HGTV.com article on feng shui in bedrooms, the ancient wisdom suggests placing the mattress in a "commanding position" away from the door to give a sense of security and relaxation. Whatever your considerations, make sure the mattress size works practically with the feel of the room.