Nintendo of Japan decided to release, for the 25th anniversary, an artbook called Hyrule Historia. In it are pages of concept art of games such as Skyward Sword and Twilight Princess. The book also outlines the history of Hyrule and actually reveals the official timeline of the series.
The said timeline was "leaked" as such:
The timeline is officially outlined as such (This has officially been translated and actual pages to support it)
The Legend of Gods and the Hero of Time
.70
The Downfall of Hyrule and the last Hero
..92
The Twilight Realm and the Heros Descendant
110
The Hero of Wind and the new World
..122
The Legend of Gods and the Hero of Time is the telling of the events from Skyward Sword to Ocarina of Time. From thereon, the timeline splits into three:
The Downfall of Hyrule and the last HeroThe cause of the split is that in this timeline, Link of Ocarina of Time fails to save the land of Hyrule. Because of such, Ganondorf manages to enter the Sacred Realm and claim the Triforce. The king then orders seven sages to seal the entrance to the Sacred Realm. A great battle ensued, monsters poured into the light world from the sacred land and attacked the castle. The Knights of Hyrule defended the sages during the great battle against evil, and, though most of them perished in the struggle, the sages were able to cast their seal, stopping the flow of darkness and trapping the evil king Ganon within. This branch then is a telling of A Link to the Past to the Adventure of Link
The Twilight Realm and the Hero's descendantThe cause of the split is that in this timeline, Link manages to defeat Ganondorf in the future (7 years) and returns back to his time where he then warns Zelda of Ganondorf's plans. Zelda then resolves to give the Ocarina of Time to Link so that the realm could not be opened and warns the king. Link then borrows Epona from Lon Lon Ranch to search for Navi, who was separated from him when he ended the journey. (Cue in Majora's Mask.) Meanwhile, the king orders the execution of Ganondorf. However, there was one big flaw. Link returned to his time carrying the Triforce of Courage. What would be known as a divine prank, the other Triforce pieces choose their bearers, which ultimately leads to the killing of the Water Sage. In a desperate attempt, they send Ganondorf into the Twilight Realm. (Cue in Twilight Princess.)
The text for this part was actually revealed and translated already here:
http://www.newnintendo.net/blog/2011/12/20/higher-quality-hyrule-historia-preview-pages/Interestingly, we learn that it was really Navi who Link was searching for. Also, it appears that Link married Malon and passed on the Triforce to his descendants. TP Link who lives in Ordon Ranch, presumably Lon Lon Ranch's expansion, already has the Triforce of Courage and is the cause of Link turning into a wolf in the Twilight realm. It also somewhat confirms that the Hero's Shade is actually OoT Link.
The Hero of Wind and the new WorldThe cause of the split is that in this timeline, Link manages to defeat Ganondorf in the future (7 years) and then suddenly vanishes. This causes the Triforce of Courage to break and be scattered across the land. In this reality, the seven sages known as Rauru, Saria, Darunia, Ruto, Impa, Nabooru and Zelda have sealed Ganondorf in the Sacred Realm. However, a fell wind came and famine spread across the land. The people prayed to the gods to bring back the hero, but he did not come back. To save Hyrule, the goddesses instead flooded it and it became the Great Sea. From here on, the timeline tells of The Wind Waker to Spirit Tracks.
I do find the leaked one questionable but some of it is a sure thing. To summarize:
Skyward Sword -> Ocarina of Time -> Three-way split
1st split (Link fails) -> A Link to the Past -> Legend of Zelda -> Adventure of Link
2nd split (Link triumphs, goes back to childhood) -> Majora's Mask -> Twilight Princess
3rd split (Link triumphs, vanishes from world) -> The Wind Waker -> Phantom Hourglass -> Spirit Tracks
