Celebrations

Most often in Zelda games, there is a festival or such planned, but they always go wrong.

The Legend of Zelda: Ocarina of Time
This one is different from the ones below because it happens at the credits and it is not inturrupted. What we first see is a bunch of familiar characters surrounding a fire at Lon Lon Ranch. The funny part of this is that all the Gerudo are in a line and are doing the Can-Can. We later zoom out to see the Sages looking at the celebration then floating away in balls of light.

The Legend of Zelda: Majora's Mask
The Carnival of Time is held every year in Clock Town to celebrate the four gods of Termina. It involves Clock Tower transforming its clock face the very start of the carnival day (midnight) into a platform where people gather while the Oath to Order is played. The days before the carnival, many performers and dancers gather in Clock Town, and merchants come to sell their goods. The carnival has a "spell" that blesses marrages that take place on the carnival day.

Even with the ominous moon descending directly onto the Clock Tower, the people of Clock Town work on the carnival as if it's not there. Since the population of Termina is scared on the Final Day, only Skull Kid resides on the clock's face.

In the Majora's Mask manga, Anju and Kafei are reunited here just before Majora's Mask chalanges Link to a game of "tag."

The Legend of Zelda: The Minish Cap
The Picori Festival is held in Hyrule Castle Town to celebrate the coming of the Picori. A tournament takes place and the winner gets the privelage of touching the Picori Blade.

Link and Vaati take place, but Vaati wins and destroys the blade, releasing the evil the blade sealed.

The Legend of Zelda: Twilight Princess
The Hyrule Festival also takes place in Hyrule Castle Town. The details aren't well known, but Link is planned to present Princess Zelda with Ordon Village's gifts of the Ordon Sword and Ordon Shield. Obviously, this does not happen, and the Hylians forget all about it.