For those of you who either don't have the time, or the technology to access the video referred to here is the basic gist of their theory:
The first game in the timeline is
Minish Cap (GBA), which tells the story of the creation of the picory sword (4sword) and the backstory of King Gustav, and the green garments.
The Second game in the timeline is
OoT (N64) which recounts the story of the hero of time and the first appearance of Gannondorf. At the end of OoT we end up with two different Hyrules in different timelines (confirmed by nintendo). In one timeline (Hyrule A) we have young link and young Zelda who foil the plans of Gannondorf by alerting the King of Hyrule to his plans, and in the second (Hyrule B) we find Gannon sealed away by princess Zelda and Link dissapears (because he's sent back to hyrule A).
Now we have two different timelines to follow:
Hyrule A
Hyrule A continues with
Majora's Mask (N64) in which Link leaves to travel to Termina in search of Navi, after saving Termina he is shipwrecked on the way back to Hyrule which leads to
Links Awakening (GB), this adventure turns out to be a dream in the end and Link eventually makes his way back to Hyrule.
When Link returns he finds that Gannon has escaped form captivity and waged war on Hyrule and Link must reaquire all ofd his equipment, stop Gannon and rescue Zelda. This is the original
Legend of Zelda (NES).
According to the instruction booklet of
Zelda II (NES) it occurs several seasons after the original so it comes next and becomes the last game in this timeline to feature the same Link and Zelda characters that are introduced in OoT.
Years later in the same timeline we have the
4 Sword adventures (GBA/GCN), where Gannon returns and aquires the Trident of Power and then we move across generations again to a new Link and a new Zelda in
A Link to the Past (SNES).
Hyrule B
Meanwhile over in Hyrule B we know that Link suddenly dissapeard and the Hero of time vanished into legend (we get that story at the beginning of Wind Waker) Sometime after OoT Gannon escaped his prison and waged war again on Hyrule. the people waited for the return of the Hero of Time but he never came and in the end the world was flooded and we arrive in the world of
Wind Waker (GCN).
Now I am only half-way through TP so I haven't finished the storyline yet (and am desperately trying to avoid spoilers) but the word on the street is that it happens in Hyrule B between OoT and Wind Waker, and I know that
Phantom Hourglass (DS) that's due out next year is a direct sequel to Wind Waker with the same young Link. That only leaves the two Oracle games to fit into the timelines.
The Video supposes that they both happen at the exact same time in different Hyrules and both at the respective end of the timelines, with the whole world being "reset" as it were.
So that's the basic premise behind the split timeline theory as to where everything fits. Much of this is speculation. What can be confirmed though is the following.
- Before the Minish Cap was produced, OoT was confirmed as the First game in the timeline.
- Zelda II is a direct sequel to Zelda I
- Two different Hyrules were created at the end of OoT (confirmed by Miyamoto at the announcemnet of Wind Waker)
- Wind waker is part of Hyrule B
- Phantom Hourglass is a direct Sequel to Wind Waker
- Majora's Mask is a direct sequel to OoT
All of this does allow for different variations on the timeline, but the one presented in the video from Gametrailers does seem to make a lot of sense to me.
I hope that was helpful.