The Forest of Time is where Link finds Nayru, the eponymous Oracle of Ages, as well as her house. He also meets Impa here, who was sent by Princess Zelda in search of Nayru; Impa presents Link with the Wooden Sword. When Link first finds Nayru singing to some forest animals, he meets her old friend Ralph, and together they witness the possession of Nayru by the evil sorceress, Veran.
Nayru's home is a tree in the northeastern corner of the Forest of Time; there is a hidden room inside which will lead Link to the Harp of Ages, an instrument that allows him to travel in time. Found elsewhere in the forest is an Island Chart that was drawn up by Tingle, which will help Link navigate the seas.