Time is a key element in most games in The Legend of Zelda series. It can be a huge advantage, (Like in Ocarina of Time) or a huge disadvantage, (Like in Majora's Mask). In some games, also including Majora's Mask, it can be both.
Ocarina of Time
Time is a big advantage in Ocarina of Time. After completing the Forest Temple, Link may return the Master Sword to its pedestal in the Temple of Time. This allows him to go back seven years, where he can get access to things like the Scarecrow's Song notes and the mini-dungeon Bottom of the Well. It is also an advantage because entering the adult time period once more does not reset things ― For example, temple progress and the acquisition of items is NOT reset.
Time in Skyward Sword can be an advantage. It is not really quest-sensitive, but sleeping in a bed to turn day to night or night to day gives you 'different views' of Skyloft. Also, it will NOT interfere with your quest at ALL. But time in Skyward Sword can also be a disadvantage. This may be quest-sensitive if you wish to visit the Surface at night, for you are not allowed to fly your Loftwing at night. Also, a rabid or possessed Mia, ChuChus and Keese are outside.
Time may be a 'both' situation in Majora's Mask, but mostly a disadvantage. Time is probably the hardest challenge in Majora's Mask. Temple progress, Rupees, and things such as Deku Nuts and Bombs are lost when you go back in time. Also, people you have met do not remember you, and mini-quests (Such as protecting Romani Ranch from Them) have to be completed again. Finally, items kept in empty Bottles are gone. However, masks and items such as the Hookshot are not.
Time does not really affect Twilight Princess much. It moves regularly, if Link sleeps in a bed, or on prompt like after Link herds the goats.
Oracle of Seasons and Oracle of Ages
Time is not very important in Oracle of Seasons. It moves regularly or if Link sleeps in a bed. However, in Oracle of Ages, Link can use Nayru's Harp of Ages to travel back in time. The past is where most of the story takes place, so time is the key element in Oracle of Ages.
The Wind Waker
Time only moves in The Wind Waker on prompt, like when Tetra decides to help Link until daybreak occurs, but that will not happen until a goal is achieved. So, time in The Wind Waker, like said, only moves when prompted by achieving a goal.
Breath of the Wild
Sitting at a fire or resting in a bed will give you three options: sit/sleep until 1.) morning, 2.) noon, or 3.) night. Every few seconds is five minutes.
How It Moves
Not in real hours or years, of course. In Majora's Mask, the small clock works like this: Every second stands for a minute, and every minute stands for an hour. For example, it takes 60 seconds for 6:00 to change to 7:00 ― Not 60 minutes. In Ocarina of Time or Skyward Sword, time moves regularly. However, if Link enters Lon Lon Ranch, Kakariko Village, Castle Town, etc. in Ocarina of Time, time stops and resumes its flow when Link leaves.
Song of Time
Ocarina of Time
The Song of Time shows up first in Ocarina of Time. It is learned after acquiring all three Spiritual Stones. Then Link can learn the Song of Time from Zelda. It is used for only two things ― Opening the Door of Time and moving Time Blocks.
In Majora's Mask, the Song of Time is the first song you learn after retrieving the Ocarina of Time from Skull Kid. It is used to rewind time back to the Dawn of the First Day. Also, in Majora's Mask, there is the Song of Double Time and the Inverted Song of Time. The Song of Double Time is used to go ahead in time, and the Inverted Song of Time slows down time. They are not learned formally; the first time Link plays the notes, he remembers them. The Inverted Song of Time is learned by playing the Song of Time backward, and the Song of Double Time is learned by playing all notes in the Song of Time twice; for example, YYLLRR in the 3DS version and >>AA(down down) in the Nintendo 64 version.
The Sun's Song is in Ocarina of Time. It is used to turn day to night or night to day. It is learned in Kakariko Village Graveyard and can only be learned at night; if you try to do it at day, the Graveyard Boy will stop you. To acquire it, you must play Zelda's Lullaby on the Triforce symbol near the north graveyard. This causes the gravestone to break, revealing a hole. Jump in and go through the door here. In this room, slay all the Keese to open the door. Avoid the ReDeads in this room and make your way to the door at the end of the room. In here, walk across the bridge and read the giant stone tablet to learn the notes for the Sun's Song. You can play this song to stun ReDeads, too.