if (--i)
This will evaluate true the first time (--i == 4). The code recurses into main(). (Recursion: A function calling itself.)
As i is static, it will retain its value of 4 (as opposed to an automatic variable, which would be initialized to 5 again). The if (--i) in this second execution of main() will again be true (evaluating to 3), and will again call main() (for a third execution of the function).
The same for --i == 2 and --i == 1, for four executions of main() (including the first, non-recursive one) total that are evaluating the if condition to true.
The next recursion will evaluate the if condition to --i == 0, and thus false. Skipping the if clause, the function call will just return. i is zero at this point, and -- being static, i.e. only one persistent i for all instances of main() -- will remain at that value.
The main() call one level up the stack -- the one that evaluated --i == 1, then called main() and was waiting for it to return -- will now continue with the statement after the call to main(), and printf() the current value of i... which is 0.
The same happens three more times (for a total of four) until the top-most main() returns. You get four times the current value of i, which is 0.
Note that calling main() from your program is allowed in C, but not in C++. This is specifically for calling main() recursively; for other functions, it is allowed in either language.