There is an official Zelda timeline, but Nintendo isnt letting anyone know it
The Zelda timeline has been a big discussion point amongst gamers throughout the ages. The seemingly infinite amount of Links out there and the different versions of Hyrule have thrown a possible timeline into a huge mess. But answers are at hand! Well, they would be if Eiji Aonuma was allowed to tell everyone. Speaking to the Official Nintendo Magazine, Mr Aonuma has said that "Yes there is a master timeline but its confidential document! The only people to have access to that document are myself, Mr. Miyamoto and the director of the title."
However, he did let us know one piece of information from the timeline: that the upcoming Skyward Sword takes places before Ocarina of Time. That was kind of already hinted at E3 but at least we now know.
Mr Aonuma was unwilling to say which game was the first though "If I said that a certain title was the first Zelda game, then that means that we cant ever make a title that takes place before that! So for us to add titles to the series, we have to have a way of putting the titles before or after each other."
So the timeline is no more clearer really than it was yesterday. Oh well.
Source: Zelda Dungeon



