Kokiri Sword- this is the first sword that you get. It is also the weakest and has the shortest range. Link finds it in the Hidden Training Grounds of the Kokiri Forest. It is the weapon of child Link.
Master Sword- this is the weapon of choice for adult Link. It has twice the range and twice the strength of the Kokiri sword. It is found in the Temple of Time and only the true Hero of Time can pull it out. Personally this is my favorite Sword from any Zelda game.
Biggoron Sword- Link cant use his sheild when this is equipped because it takes two hands to hold. It has the longest range and does tons of damage. Also sometimes called the Giant's Knife.
Deku Shield- this is child Link's sheild. It is the smallest and weakest sheild. You know why? Because its made of wood. That means it will burn if it touches fire.
Hylian Shield- this is the sheild of choice for adult Link. It is bigger and stronger than the Deku Sheild, and it's made of metal so it can't burn.
Mirror Shield- This is the best sheild in the game. It is the same size as the Hylian Shield but this one can reflect certain attacks and absorb others. You find this in the Spirit Temple. It is featured in other Zelda games but with a different appearance. I think this one looks the coolest.
Ocarina of Time- This instrument allows Link to play songs. Some songs are magical and have special abilities. But those are for you to find out. Zelda gives Link this item. And if you haven't guessed, this is where they got the name for this game.
Fairy Slingshot- This is the long range weapon for young Link. You use Deku Seeds for ammo. It is good for hitting far-away enemies and flying enemies. It is found inside the Great Deku Tree.
Bombs- These are great! Not only can you blast enemies to kingdom come, but you can also blast away cracked walls to reveal hidden entrances. You need a bomb bag to hold them. Fortunately Link finds one in the Dodongo Cavern. Bombs can be used by child and adult Link.
Boomerang- This is another weapon for child Link. It is fast and comes back to you after you throw it. It is found in Jabu Jabu's belly.
Fairy Bow- This is the long range weapon of choice for adult Link. It is more powerful than the fairy slingshot. It is found in the Forest Temple. You can also get more powerful arrows: fire, ice and light arrows. Heres where they are found: Fire= Lake Hylia; Ice= Gerudo Fortress; Light= Temple of Time (Zelda gives them to you)
Megaton Hammer- This is a strong weapon for adult Link. Like the Biggoron Sword, this item is too heavy for Link to use his shield while it is equipped. It is a slow but very powerful item. It can also be used to pound down rusty switches. It is found in the Fire Temple.
Hookshot- This is a very cool 007ish item. You shoot it, and the hook attaches to something and pulls Link toward it. It can also be used to pull enemies closer. It is found in Dampe's Grave in the Kakariko Graveyard. Link also finds the Longshot which replaces the Hookshot. It is exactly the same but it has twice the range (because of the longer chain). The Longshot is found in the Water Temple.
Hover Boots- These boots can let Link hover-walk for short distances. He can walk on water or even air! The downside is that you have no traction and slip and slide a lot while walking. These boots are found in the Shadow Temple.
Iron Boots- Link is finds these boots in the Ice Cavern. They are very slow but let you sink and walk at the bottom of a lake or water source.
Zora Tunic- This blue tunic allows Link to breathe underwater. That is essential when using the Iron Boots to explore the bottoms of lakes. It is also the key to fully exploring the Water Temple. It is given to you by the Zora King.
Goron Tunic- This red tunic allows Link to withstand sweltering heat. It is the key to exploring the Fire Temple and Death Mountain Crater. It also partially protects Link from fire attacks. It is given to Link by Darunia's son.
Link- He's the main character in every Zelda game. The destined Hero of Time. He lived in the Kokiri Forest and lived as a Kokiri (a child of the forest) He then goes deep into the Great Deku Tree and rids him of the curse. Sadly it is too late. As the Deku Tree tells Link his last words, he tells Link his destiny, and so his quest begins... (In this game Link is both a child and an adult, thats why I showed both pictures)
Ganondorf- he is an evil man who came from the Gerudo Valley. He swears allegance to the king of Hyrule, but it is obviously one of his sneaky lies. He takes control of Hyrule and its up to Link to stop him. But Ganondorf has more powers than Link will ever know...
Zelda- she is the princess of Hyrule, daughter of the King of Hyrule. Although she is very young in the present, when Link goes to the future she is older and wiser. Zelda is an important character and she provides Link with the Ocarina of Time itself. Unfortunately in the future, she has mysteriously disappeared...
Navi- Navi is a fairy that travels with Link on his journey. She gives Link tips, but none that you couldn't figure out on your own. She is very annoying when she says "hey" or "listen" to get Link's attention.
Sheik- Sheik is a very mysterious person. She teaches Link new songs and appears and disappears in a flash. Who's side is Sheik on? That is for you to find out. I dont really like Sheik, because whenever you talk to her, it always plays this annoying harp music. I hate it.
Great Deku Tree- He is the guardian spirit of Kokiri Forest. He tells Navi to watch over Link. And it is he who tells Link of his true destiny (and yes, he is a talking tree). He is proof that weird creatures do exist in video games.
Rauru- not much to say about him. He is an obese old geezer. He is the Sage of Light and gives you the Medallion of Light. Rauru saves Link after events in the Temple of Time, and awakens him 7 years later so he can once again resume his quest.
Darunia- He is the leader of the Goron race. Or as the call him, the "big boss". Once Link rids Dodongo Cavern of the monsters within, Darunia becomes Link's "brother". He even names his own son after Link.
King Zora- He is another obese guy. But he's a zora. The king of the Zora race. He is greatful to Link for rescuing his daughter, Ruto. 
