There's a few diverting timelines, though one can always throw in the whole "water flooded the world, eventually it vaporized and a new land was left, survivors rebuilt their world." Zelda 1 and 2 were loosely of one timeline I think. The most solid timeline is still:
Skyward Sword > Ocarina of Time > Majora's Mask > then splitting up into: Twilight Princess. The other split up being: Windwaker (the world was drowned in the oceans, people either pulled a Noah or ran for the highest mountains) > Those Nintendo DS games like phantom hourglass and sprit tracks.
I think the real deal is that the saga is called the
LEGEND of Zelda. And
legends have the habbit of being told different depending on which culture and people you ask.