Legend of Zelda Timeline
Here is the official timeline for the Legend of Zelda series.
They all take place on Hyrule except the ones with brackets after them.
Legend of Zelda:Ocarina of Time

Legend of Zelda:Majoras Mask (Termina)

Legend of Zelda:A Link to the Past

Legend of Zelda:Oracle of Ages (labrynna)

Legend of Zelda:Oracle of Seasons (Holodrum)

The Legend of Zelda

The Legend of Zelda:Adventure of Link

The Legend of Zelda:Links Awakening (Koholint)
Here is a quote from Zelda Universe.
"Of course, other scholars have formulated different theories. Since there is no way to prove these theories, they will likely be debated for centuries to come." - Zelda.com
Main Page
Game Page
Box Art
Reviews
However although this seems to be the timeline which is on the official Zelda website other things tell a different story. In the manual for A link to the Past it tells the story of the three Links which rules out what Zelda.com say about it being the same Link in all the games. And as this is written by Miyamato himself I believe this theory. Also it tells the story of the Hero of Time in many of the Zelda games which makes you think that there is more than one hero of time.
The Three links Theory
Link the first.
Shigeru Miyamoto himself said that the timeline was infact 3, 5, 1, & 2 with 4 going anywhere the theory above is completely wrong. Miyamoto said this before the Oracle Series came out, or even Majoras Mask.
My theory for the timeline goes like this.....5, 6, 3, 4, 7, 1, & 2.
Link the first is the one out of the two nintendo 64 Zelda games TOOT and MM.