The trailer opens with a panning view of a castle roof with a thunder storm brewing in the background. Large birds can be seen flying around, and there are black dots floating around in the air as well. The music is somewhat mysterious and foreboding.
The scene switches to a lone tree. Suddenly a black hole appears in the clouds and strange black creatures, which walk on all fours, fall through to the forest below.
Again the scene switches, this time to what appears to be a room in the castle. There is a large window and the walls and floor are made of stone. A solitary, hooded figure can be seen looking out the window.
As the scene changes, the music becomes more lively, and Link can be seen walking along a path in the woods towards a young girl. Both are wearing what must be the day-to-day clothes of their village. The young girl talks to Link for a moment (note, no words can be heard), she then process to crawl through a hole on her hands and knees. After this, Link begins to walk away, and then gradually breaks into a run. Upon reaching his maximum velocity, the scene switches to Link running in his traditional green tunic and hat. In this new scene, Link can be seen running through a dark forest carrying a lantern. I would assume that this will be one of the first items that Link receives in the game, if prior games are any indication.
The footage goes back to the hooded and cloaked figure. The figure turns to face the camera, and the figure appears to be a female about Link's age.
Now back to Link, he can be seen jogging along a path when he suddenly falls to his knees, seemingly in some sort of pain. The music becomes dramatic as Link begins transforming into a white and grey (possibly green) wolf. The strange black dots can again be seen floating in the air. Is there a connection between these dots, Link's sudden transformation, and the strange bore in the sky which dropped the black monsters on the forest floor? It would appear so. Or maybe they are just really big dust balls.
Next, Wolf Link is shackled in a cell with stone walls and metal bars blocking the exit. Everything is in black and white, due to the fact that wolves are colour blind. Wolf Link tries to bite his way through the chain holding him when suddenly, a small figure in a strange mask appears out of the shadows. The figure smiles slyly at Wolf Link. Strangely, this figure's hair (or possibly hat) does have colour while everything else remains in black and white.
The figure must have freed Link because as the footage rolls on, he (or she) rides on Link's back as the two burst forth from an air vent of some sort.
The small creature continues to ride on Link's back as they run along a bridge atop of the castle walls. More of the black dots can be seen in the air as lightning strikes in the background. As the duo attempt to escape the castle, they are confronted by a large bird.
In the next scene, Link and his new companion are in a sewer or dungeon of some sort. A strange grating noise can be heard. Suddenly ghost rats appear and they are biting Wolf Link. This is what was making the grating sound. Humanoid ghosts, like the ones from the second trailer, also appear.
As the scene changes, Wolf Link and his masked companion face off against three of the black monsters that fell from the bore in the sky. These monsters also have some colour to them. They have dark, pinkish swirl on their stomachs and backs. Wolf Link appears to do some sort of charge attack. When he release it, energy is released in all directions. When it comes into contact with the monsters, they are surrounded by a red glow, and Link proceeds to attack them by quickly running at them and presumably biting them as be passes. Regardless of how he does it, his foes fall after just one blow and disappear in a cloud of Wind Waker-esq smoke and those same black dots I mentioned earlier. The smoke also has a dark, pinkish colour.
The music changes again. Again the music is dramatic, but it picks up in speed and intensity until finally reaching a climactic point. Along with this new music, a large, armoured monster, likely a Moblin can be seen astride a large boar. It appears to be a banner-man of some sort as it has a long pole with a furry, red thing hanging down from it. In the background, thick clouds can be seen, but they are pierced by multiple beams of sunlight. Enter Link, returned to human form. He is mounted on horseback and he quickly draws his sword, ready for combat. The banner-man blows a large horn, rain begins to fall and then Link begins fighting other, mounted Moblins from atop his mighty steed.
Cue another music change. This time a peaceful, serene song. With the music change, various villagers are shown. A lady in a shallow river with what appears to be Link's horse is shown. In the background, beautiful trees line the river as beams of sunlight shine through their branches.
Switch to a shop where a kindly, middle-aged lady offers a bottle of milk. Her cat can be seen sitting on the counter with a drink of it's own. Atop the counter is a rug, and in the background, ferns can be seen hanging from the roof, and a shelf, lined with several odds and ends, including another milk bottle can be seen. These little details really add to the feeling of realism.
Next, a girl can be seen laughing and clapping, with a young boy just off to the side. In the background there seems to be a tree house.
In the next scene, Link, back in his village garb, paddles a canoe over beautifully detailed water. He passes by a round building on stilts as he crosses from one side of the stream to the other.
As the footage continues, Link can be seen standing in his village. In the background are more of the round buildings. The river can also be seen. As Link stands there, a hawk drops from the sky to land on his shoulder. If the storyline really does follow the Ladyhawk plotline, then it is safe to assume that this hawk is our beloved Princess Zelda.
Now Link can be see riding his horse again, though still wearing his village clothes. He appears to be herding sheep in a large, fenced off area.
Next, Link is back in his trademark green tunic and hat. He is on a path lines with trees and totem poles. At the end of the path is a door which likely leads into a dungeon. Inside, Link faces off against a large black and red spider. He uses what appears to be a boomerang to whip up a whirlwind and send floor tiles flying at the beast.
Back outside, Link fights what appear to be Bokoblins carrying clubs. In the background, lights can be seen in Hyrule castle.
In the forest, winged skeletons fall from above and once again, Link dives into battle.
Next, some strange cross between a monkey and a duck is standing on stairs leading up to an ornate door leading into a very large tree. He monkey-duck throws a boomerang and cuts the supports on a bridge. In order to cross the gap, Link needs the help of a creature holding onto the one remaining rope spanning the gap. Link grabs the creature's hands and swings to the door on the other side.
From a large pool of purple water, a large, three headed plant-dragon thing bursts for and roars at our hero. As the fearsome beast leans towards Link, it opens it's mouth on it's central head and reveals an eye. Obvious weak point? I think so!
Next are quick shots of Link fighting Skeletons, and mounted Moblins. Following this, Link and the banner-carrying Moblin can be seen facing each other on a stone bridge with the sun setting in the background. The two charge at each other, and the trailer ends with the newly unveiled logo and title.