To be Lord of Middle-earth
Through the control and domination of the peoples of Middle-earth.
And he would've gotten away with it if it wasn't for those meddling Hobbits!
Sauron's plan followed that of his master, Melkor. He planned on controlling Middle-earth and rebuilding it in the image Melkor had imagined during the Music.
The Enemy in successive forms is always ‘naturally’ concerned with sheer Domination, and so the Lord of magic and machines; but the problem: that this frightful evil can and does arise from an apparently good root, the desire to benefit the world and others – speedily and according to the benefactor’s own plans – is a recurrent motive.
Letter to Milton Waldman in 1951
Sauron's ultimate plan, after the failure to ensnare the Elves (as outlined below) is most clearly presented in Of the Rings of Power and the Third Age:
Now Sauron’s lust and pride increased, until he knew no bounds, and he determined to make himself master of all things in Middle-earth, and to destroy the Elves, and to compass, if he might, the downfall of Númenor. He brooked no freedom nor any rivalry, and he named himself Lord of the Earth.
The Silmarillion - Of the Rings of Power and the Third Age
Both Sauron and Melkor were convinced their plans were that of good, that they were in fact benefiting the peoples of Middle-earth.
From Myths Transformed in Morgoth's Ring1, it is told that Melkor wanted all or nothing, and given that he could not find the Flame Imperishable to create life, he decided to destroy it all. Sauron however did not have the same destructive mindset, wanting just to dominate
Sauron had never reached this stage of nihilistic madness. He did not object to the existence of the world, so long as he could do what he liked with it. He still had the relics of positive purposes, that descended from the good of the nature in which he began: it had been his virtue (and therefore also the cause of his fall, and of his relapse) that he loved order and co-ordination, and disliked all confusion and wasteful friction. (It was the apparent will and power of Melkor to effect his designs quickly and masterfully that had first attracted Sauron to him.) ... But like all minds of this cast, Sauron's love (originally) or (later) mere understanding of other individual intelligences was correspondingly weaker; and though the only good in, or rational motive for, all this ordering and planning and organization was the good of all inhabitants of Arda (even admitting Sauron's right to be their supreme lord), his 'plans', the idea coming from his own isolated mind, became the sole object of his will, and an end, the End, in itself.
History of Middle-earth - Volume X, Myths Transformed
In Of the Rings of Power and the Third Age, we are given a few more details of Sauron's motives:
And in the south and in the further east Men multiplied; and most of them turned to evil, for Sauron was at work ... Men he found the easiest to sway of all the peoples of the Earth; but long he sought to persuade the Elves to his service, for he knew that the Firstborn had the greater power; and he went far and wide among them, and his hue was still that of one both fair and wise.
The Silmarillion - Of the Rings of Power and the Third Age
Now the Elves made many rings; but secretly Sauron made One Ring to rule all the others, and their power was bound up with it, to be subject wholly to it and to last only so long as it too should last. [...] And while he wore the One Ring he could perceive all the things that were done by means of the lesser rings, and he could see and govern the very thoughts of those that wore them.
But the Elves were not so lightly to be caught. As soon as Sauron set the One Ring upon his finger they were aware of him; and they knew him, and perceived that he would be master of them, and of all that they wrought.
ibid.
We see from his initial plans in the Second Age was to gain the trust and control of the People's of Middle-earth and to live as their ruler/king. However, when he found out he couldn't dominate the elves, he took to destruction and war. As with his master, if he couldn't have everything he'd destroy what he couldn't have (Note: The difference is that Sauron would only destroy what he couldn't have whereas Melkor would destroy everything).
But he, finding that he was betrayed and that the Elves were not deceived, was filled with wrath; and he came against them with open war...
ibid.
His resistance to ultimate destruction is shown by his attempt to then sway the Men and Dwarves, while the Men proved simple to corrupt the Dwarves were more stubborn. Although they were corrupted Sauron never gained control of their will.
But Sauron gathered into his hands all the remaining Rings of Power; and he dealt them out to the other peoples of Middle-earth, hoping thus to bring under his sway all those that desired secret power beyond the measure of their kind.
The Dwarves indeed proved tough and hard to tame; they ill endure the domination of others, and the thoughts of their hearts are hard to fathom, nor can they be turned to shadows.
Men proved easier to ensnare. Those who used the Nine Rings became mighty in their day, kings, sorcerers, and warriors of old.
1 Melkor and Morgoth are the same person, Morgoth is just his epithet.