The Official Zelda Timeline has now been 100% translated since the release of the Japanese 'art book' for Zelda
From Hyrule Historia, we can see three posible timelines after Ocarina of Time.
So, it looks somewhat complicated, but The Legend of Zelda fans will surely understand what is this all about.
There's a split after Ocarina of Time, and there are three posible alternate universes, with a group of games that fit in each one.
This was translated by Zelda fan-translator Glitterberri who has previously worked on the more-accurate re-translations of Zelda instruction manuals and in-game text and manga, so it seems pretty the real (and official) deal.
NEWS SOURCES: Official Zelda Timeline 100% Translated (via) ZeldaUniverse and The Real Zelda Timeline (via) Glitterberri
Our thanks to 'Gauss' for another wonderful news story!