The correct answer to this thread is Zelda II.
/thread
Nah.
1) A Link to the Past - I can replay this Zelda at anytime, anywhere, and I can play it through till the end with no issue and still get enjoyment. Even after playing it so many times. It took what Zelda 1 started and what Zelda II tried to achieve, and put meaning behind the quest that Link undertook. Almost every important aspect of the Zelda mythos and gameplay were established in A Link to the Past. In addition, a good chunk of its music has been recycled throughout the rest of the series, but I've always found it to have the best music aside from the original Zelda's overworld and title screen themes.
2) The Legend of Zelda - I would argue that even though ALttP took this game up a notch with more meaningful story and presentation, the original Zelda's mystique has a lot of staying power. Simply given almost no story and tossed into a massive world hasn't really been replicated to this degree until Shadow of the Colossus. SotC is basically the modern Zelda 1, sans dungeons and enemies (though one could argue trying to reach each Colossi and solving their weakpoint is as tedious as any Zelda dungeon). Except for Adventure, no other game before it did anything remotely the same, and it's still the most "hardcore" Zelda in the series along with Zelda II. It's roots, and every new Zelda game stripped down should be Zelda 1 at its core.
3) Majora's Mask - I get asked why I put this game above Ocarina of Time a lot, especially since back in the day I did "speedruns" of Ocarina of Time and played it to death. Ocarina of Time was very easy to play, and was the 3D equivalent of Zelda 3. However, aside from transferring the series into 3D, which people give it more credit than it usually deserves (it was, after all, Super Mario 64 with a sword at first, before Miyamoto took it further after he didn't want it to just be Mario 64 with a sword). Majora's Mask actually decided to deviate just enough from the established formula, yet still be a Zelda game, like Link's Awakening before it. Whereas Link's Awakening really just changed the setting and story rather than a major shift to the gameplay, Majora's Mask pushed the concept of side quests into something more meaningful. Each area of Termina had a story and a distinct theme. There was more to do before each dungeon, and the world felt more alive when exploring it. Not to mention changing between the three major masks would alter the gameplay - Deku Scrub, Goron, and Zora each came with unqiue playing styles. The time system, while some hated it, was something I still marvel at because, again, it put more life into the world. While Ocarina of Time, as well as other games, had better dungeons, everything else about Majora's Mask was superior to Ocarina of Time, supposedly the "best" game ever.
4) Link's Awakening - It's usually a tie for me between this one and Majora's Mask. Link's Awakening was the first Zelda to shift from the typical paradigm of saving Zelda and Hyrule. It still adhered to the Zelda 1 formula of eight dungeons with eight items needed to open the final area, but it incorporated the gameplay of A Link to the Past. It allowed players to jump manually again with an item, and players could use any two items at once, giving them the option to not manually use the sword for the first time. But more than anything, the mystique behind trying to solve the mystery of the very island you tried to save gave this Zelda title probably the most compelling story in the series. If you didn't feel a bit of confusion or dismay at the ending, you're not that human. Also had a great cast of characters, though it didn't quite reach the level of Majora's Mask.
5) Twilight Princess - There really isn't much to say other than this game took Ocarina of Time, the "best" Zelda game ever, and put it on steroids. It's basically fan service Zelda, and I rank it only this high because of what it managed to achieve after all the hype. However, for all its accolades, I still insist it rests way too much on Ocarina of Time's laurels, and the game tries to be too much like Ocarina of Time rather than be its own game. Also held back by a lousy quality soundtrack (sample wise, not composition wise). Ending was also pretty weak, as was the complete character meltdown by Zant - probably the most epic "drop the ball" with an awesome character since Darth Maul died without uttering a single phrase. This is also for the GCN version. Aside from aiming mechanics in the Wii version, the GCN version is superior. It's a fact.
6) Ocarina of Time/Master Quest - It's still intriguing to know what Zelda 64 was supposed to be. A 3D remake of Zelda 1. Then they turned it into a 3D remake of A Link to the Past. There was supposed to be a Zelda 64 DD version as well, which had a lot of stuff that's since been passed off into newer titles, but if it made its way out, oh man, Ocarina of Time probably would have been an even bigger deal than it was. It's still amazing to see the scope of this game, and it paved the way for more 3D action/adventure titles to come - mostly because of its success. Apparently Ocarina of Time also inspired RockStar to take GTA into the 3D "sandbox" realm...and they claim OoT is one of the first "sandbox" titles out there. I sort of disagree, but it's still a really great game.
7) The Wind Waker - Loved the presentation, and I actually liked the whole take on Hyrule was "ancient" and was buried beneath the ocean. I didn't like how there were just scattered, small islands around, and would have preferred sailing to fewer, larger land masses, but oh well. Loved the music and characters in this one as well. If the style was tweaked a bit more, I would have loved for the series to have continued with this presentation. However, the Triforce "hunt" at the end was rather ill-fated and poorly conceived. Imagine if you had eight more dungeons for that part...ha.
8) The Minish Cap - Like The Wind Waker, I just loved the presentation and story behind this game. I liked the tale of a Minish becoming corrupt and turning into the mage Vaati. I also liked how Link and Zelda had some form of a relationship, rather than being uptight figure heads who couldn't show emotion to each other. Pretty sweet soundtrack, and the gameplay was Link's Awakening turned up a notch. Main issue was how linear the game was, and how small the overworld was as well.
9) Oracle of Ages - For the longest time, I disliked both Oracle titles and actually put Seasons ahead of Ages. However, Ages really pulled off the time travel concept FAR better than Ocarina of Time ever did. With a great cast and great premise, what really fell apart for me, as with Seasons, were the dungeons. I don't know why so many people love them, but they're atrocious and too Capcom-ish for my tastes.
10) Oracle of Seasons - As I said, I used to like this one more. However, I've come to realize it has a weaker premise and story than Ages. Of course, linking both together, the Oracle games were truly good. If there were some way to remake them as one whole game, that would easily be bumped up right behind Link's Awakening. The rings were a bit too much for my tastes, too - seemed like they ran with the "Masks" concept, but overdid it.
11) Phantom Hourglass - In essence, this Zelda game is the most like Zelda 1 in the series at a certain point. You can sail out anywhere in the quadrant, and eventually, the entire sea. You can beat dungeons out of order and it is INTENDED (key word there). So why do I have this so low? While touch screen input works, and can be more precise in some cases, the fundamental element of combat was reduced to child's play. Tapping an enemy to do your attack got old fast, and wasn't all that fun. I'd rather have to rely on some skill to be good with Link's sword, and combat is one KEY element of Zelda's formula next to Exploration and Puzzles. The story was also really weak, they managed to really trivialize Tetra's screen time, and it was way too easy.
12) The Adventure of Link - This game was ahead of its time. Had Miyamoto and company had more time to develop this, and the technology, the Zelda franchise may have been a vastly different one than it is today. While some elements lived on in future games, such as towns, learning new attacks and the magic system, much of it was abandoned - in particular the more RPG elements such as the level system. Also, learning spells, though in essence has lived on, never resurfaced to the degree it did in Zelda 2, nor had such a significant role. Fighting yourself as the final boss also was a gazillion times cooler than Ganon, Vaati, or anyone else.
13) Four Swords Adventures - This game was actually pretty damn good, but two things killed it. First was forcing a single player to control four Links. Even with the system that allowed formations, it was rather tedious to control each Link independently for some puzzles. The next major issue was the fact the game was broken into levels a-la Super Mario Bros. An organic overworld would have gone a long way. Plus, only being able to use one item at a time was weaksauce.
14) BS Zeruda no Densetsu - This game I only played through a patched ROM, so it is not entirely the same experience as the original broadcast of this title. There were actually two "maps" released for this game, essentially making it the official Third and Fourth Quests of Zelda 1. Having day/night and weather cycles was awesome, and a few other small revisions made it rather fun. However, it didn't...play as well as Zelda 1. Hard to explain without just having you play it yourself. Plus, as I said, this should probably be lumped in with Zelda 1.
15) Kodai no Sekiban (Ancient Stone Tablets) - This game I've only played through thanks to a poorly patched ROM, so some of it is going based on information released about the game as well. The fact you couldn't play it all in one sitting, but had to wait for eight separate episodes stinks. However, playing as the BS mascot and having the first voice work in a Zelda game was pretty cool. You also got to compare your scores with other players, and there was a time limit imposed as well. Basically like a Master Quest for A Link to the Past.
16) Zelda's Adventure - If not for poor hit detection and having to wait for each screen to load (think Zelda 1 on PlayStation with loading times between each screen - oh yeah, that bad), this would actually be a really decent Zelda game. Unfortunately it was designed to with an emphasis on "visuals" over "gameplay", and so it's rather mediocre. However, this CD-i title is by no means "horrible", and if you can somehow play through it, I recommend it - just bear with it for the first hour and dungeon, and learn to abuse the hit detection.
17) Four Swords - The first true attempt at multiplayer Zelda, Four Swords also had the random dungeon generator feature as well. However, the setup to play this game was bonkers, and it was really short and more of a side-mode for the ALttP remake on GBA.
18) Freshly-Picked: Tingle's Rosey Rupeeland - I actually really enjoyed this one, but it's a really niche game and it's hardly like Zelda at all. Playing it through in Japanese + trying to figure out negotiation prices was ridiculously frustrating, though. Epic final boss, heh.
19) Link's Crossbow Training - Shameless re-use of Twilight Princess assets to sell a peripheral device. The only truly worthwhile aspect of this title were the "ranger" levels, which gave fans the first taste of third-person shooter Zelda. It actually was fun, but needed more substance and better execution.
20) Zelda: Wand of Gamelon - Out of this title and its sibling, Zelda's first adventure wins out simply because it didn't play as poorly as Link's quest on CD-i. Horrible production values with Microsoft Paint inspired cutscenes and terrible gameplay have relegated this relic to internet meme status. However, once you figure out the nuances, it's a rather short game to complete.
21) Link: Faces of Evil - I found Link's CD-i adventure to be the least compelling of the two that came out at the same time. Plagued by all the same issues, it had the weaker story, and Link's jumping mechanics seemed to be worse than Zelda's.
22) Zelda Game &Watch - Eh, it's one of those old Tiger style handhelds. You just dodge enemy projectiles, attack enemies, and then take on a Gleeok boss. You go up various rooms in a pyramid style dungeon. It's a grind, but yes, I've beaten it, so I can judge this game. It's not Zelda at all aside from its assets.
23) Tingle's Balloon Fight - It's just Balloon Fight. I didn't like it at all, but I put up with it till the end. Mildly amusing for a few minutes.