The best courses in the immediate area are undoubtedly Kelly Plantation, The Raven at Sandestin, and Regatta Bay, but you will pay for them. There are some decent deals on GolfNow, especially if you can play late and play fast.
There's a ton of good golf beside those as well. Santa Rosa Golf & Beach Club has a good course (though I haven't played it in years). The other Sandestin Courses, Emerald Bay, Seascape, and Indian Bayou are all pretty solid.
Across the bridge in Niceville we have Bluewater Bay CC, Rocky Bayou CC, both Eglin AFB courses (open to the public). Shalimar Pointe and the 2 Fort Walton Beach Munis are ok for bargain golf (Shalimar was in pretty bad condition last time I played it though I've heard it's gotten better). And I always tell people that Blackstone in Mossy head (probably 45 min north from SRB) is some of the best bang for buck in the area with rates from $39 (weekend morning) down to $25 after 2pm M-Thu.
In Panama City (20-30 minutes east) the best is easily Camp Creek. Two good courses at the Bay Point Resort also (including a Nicklaus design), and Shark's Tooth and Hombre are also supposed to be good but I haven't played either of those.
If you are driving over and can plan a stop in Mobile for Magnolia Grove (Robert Trent Jones course), you won't be disappointed.