This version of the storyline, as far as I know, was first stated by the NOA staff around the time ALttP was made. They integrate this order into the title of ALttP, the game's box art, the game's official guide, and in NP articles about ALttP. It is thought that they got this order from the true creators, but this is not entirely certain. The Master of Hyrule, the storyline guru of the old Zelda Headquarters (ZHQ.com), took this theory and developed it further, which is why it is sometimes called the ZHQ order. This continuity theory holds that the order of the games is: OoT/MM, ALttP, and LoZ/AoL. Recent additions to the theory usually put the Oracle games between ALttP and LoZ, and LA right after ALttP. My view of continuity (and that of many others) was heavily influenced by this theory, since it really fits together, makes sense, and explains nearly all that we know. Recently, or so I've heard, the Zelda creators themselves stated this same order in a Japanese video called "Zelda no Video." However, they were not willing yet to say where the Oracle games and TWW are supposed to go.
Standard Interpretation - This is the interpretation that most people are referring to when they say "the NOA/ZHQ order." This theory says that OoT and MM star one Link, ALttP stars descendants of the originals, the Oracle games have yet another Link and Zelda, and LoZ and AoL have the latest Link and Zelda in them. LA is usually assumed to come right after ALttP, but it might also come right after the Oracle games. Recent additions to the theory put TWW between OoT and ALttP.
Storyline Summary (not updated yet)
Zelda.com's Theory - NOA staffers writing for Zelda.com posted their own interpretation of the original NOA order a while back. I'm only including it for completeness' sake. Dan Owsen stated that this order is just a theory cooked up by NOA staff members after they talked to the true creators. So while it might have some elements of truth in it, but it is still just a theory. It's interesting, but it doesn't always conform to the known facts. It could be changed so that it actually works, but for now I simply leave it as it. Read it at your own risk, and don't be surprised if it confuses you. I deal with this theory's weaknesses, and my reasons for rejecting it as "authoritative," in my article Zelda.com's Storyline. This storyline was created shortly after the Oracle games were made, so it does not include TWW.
Storyline Summary, copyright Zelda.com
Time Line, made by yours truly