The Legend of Zelda: Breath of the Wild has found its place in the official Zelda timeline. An update at the official Japanese Zelda website declares that Breath of the Wild occurs at the very end of the series timeline.
However, the Zelda franchise is known for its convoluted, three-pronged timeline, so the question remains: At the end of which of the three timelines does Breath of the Wild occur? In an interview with Famitsu, series producer Eiji Aonuma and Breath of the Wild director Hidemaro Fujibayashi have given only the vaguest explanation.
In a nutshell, they want to just let players decide for themselves which timeline the game fits into. In part, it’s to foster players’ imaginations, but another reason is that Nintendo themselves are always changing their minds about how the Zelda games can fit together. By being vague now, they retain license to get more specific or change their minds later.
For instance–and as Siliconera notes–the Fallen Hero timeline has just changed, so that now Link’s Awakening takes place before the Oracle games. The Zelda timeline is clearly an ever-changing organism, so try not to get too attached to it staying in any one shape!