After Ganondorf was defeated and Midna destroyed the Mirror of Twilight, Zelda returned to the castle while Link went back to his old job as a ranch hand in Ordon village. Despite the fact that he was now filthy rich(something he kept well hidden from the villagers), the only thing he wished for was that life could go back to the way it used to be. Back to the time before he carried such powerful secrets as he now did.
The many items from his adventures with Midna lay locked in his basement and while they remained well cared for, the only ones that Link still used were the Hero's Bow, fishing rod, and the horse whistle. He still spent time practicing his skills with the sword and shield as well, but he rarely wore the Hero's Clothes anymore and there were a few conspicuous absences from his set of items. Link returned the Master Sword to the Sacred Grove and left the Shadow Crystal that allowed him to become a wolf, with it to be protected by the Skull Kid once again. The one other missing item was the slingshot which he had given to Talo.
Colin has learned to ride and fight from Link. Most of the time that isn't spent helping out at the ranch or training with Link and his father Rusl, he spends with Beth. She developed a crush on Colin after he saved her life in Kakariko Village and ever since she can usually be found near him. Malo has built up quite a fortune through his Malo Mart general stores and you would be hard pressed to find anywhere without one. His brother Talo has become quite a marksman with the old slingshot, even if he hasn't changed much otherwise. Ilia began taking over some of her fathers responsibilities due to his age finally starting to take its toll not long after they returned. As time passed she took on more and more responsibilities until she couldn't do anymore. At this point Link stepped in to help. Now, he and Ilia are almost solely responsible for all of Ordon Village and even though it's obvious to everyone else that they have feelings for each other, neither of them have been able to admit it to the other.
After realizing her own helplessness when she surrendered to Zant without a fight, Zelda promised herself that the next time any crisis fell upon Hyrule that she would be ready to confront it. To do so, she pushed herself to become a great fighter and to master the power of her Triforce of Wisdom. After training for the past year, Zelda became an expert martial artist and gained near complete control of her powers.