I actually crafted the characters, then crafted the world to match the characters, and then edited the characters some more to better fit and proceeded to bounce between the two.
It really would depend on your world. Are you creating a brand new world? Is the world relevant to the plot? How different is your world?
So for mine: It's about a second civil war over magic, which is a disease that kills people and technically originated from a religious deity. So it has big effects on my world, seeing as how most of the events are caused by the world and it has a relevant history. Now, I haven't built up somethings like what the world was like before magic came to existence because it is not relevant to the story itself and doesn't really feature.
However, crafting up how the disease works and such and such helped me with the plot because it narrowed down the possibilities of where it can go thanks to logic (such as, second civil war within a 13 year period- obviously the ending needs to be more than, one side wins and throws a band aid on top of everything).
But yeah, Characters then world, then plot was pretty much how I went about it. Fill in the blanks and then go with what seems natural for the characters and the world. How in depth you go in the world building should also depend on how relevant it will be to the story itself, such as mine has a lot of depth in certain aspects that are relevant to the plot and no depth in others. Stories in the modern world, don't really need that much depth because the reader is already familiar with it.