After you get Zora's Sapphire, there are some things that you can do to prepare for the next part of the game.

Get a Gold Skulltula

After getting Zora's Sapphire, turn it to night time in Zora's Fountain and get up onto the big log in the water in the southeast part of the fountain. There is a gold skulltula on the wall near the end of the log. Use your boomerang to get the token.

Sell Masks

You can get masks from the Happy Mask Shop in Hyrule Castle Town and sell them to different people. Now that you have completed the Lord Jabu-Jabu dungeon, you will be able to unlock all of the masks.

Learn Epona's Song

If you haven't learned Epona's Song, go to Lon Lon Ranch in the center of Hyrule Field and play your Ocarina near Malon to learn Epona's Song.

Plant Magic Beans

Plant a magic bean in the soft soil near the entrance to Dodongo's Cavern in Death Mountain Trail, and plant another bean inside of the Lost Woods. To reach the soft soil, go to the left from the first area of the Lost Woods to where a skull kid is playing the flute. Then go through log in the area with the skull kid to find the soft soil.

Create Scarecrow's Song

Go to the Zora's Domain page and read about how to teach the scarecrows a song. This will help a lot in the next part of the game.

Go to Hyrule Castle Town

Go to Hyrule Castle Town. If it's day time, you will notice that the drawbridge is closed and the torches are lit, even though it's not night yet.

As you approach the drawbridge, the sky will go dark. Watch the cutscene when you reach the drawbridge.

After the cutscene, jump into the moat to the right of the drawbridge and dive down to get the item that was thrown into the water. You now have the Ocarina of Time. Watch the scene to learn the Song of Time.

Play Bombchu Bowling

Before you move on to the next part of the game, you can play bombchu bowling in Hyrule Castle Town. You can win a bigger bomb bag (only if you got the medium bomb bag by bombing the rolling Goron in Goron Village while he's in the tunnel in the back), a piece of heart, bombchus, and bombs.

Get Din's Fire

Go to Hyrule Castle. Climb the vine to get past the stone arch like you did when you were looking for Talon. Straight ahead from the arch, you see a path with a boulder at the end. Bomb it to reveal a great fairy fountain. Play Zelda's Lullaby while standing on the Triforce symbol to receive Din's Fire.

Collect Skulltulas and Pieces of Heart

You can go around and collect new pieces of heart and gold skulltulas now that you have the boomerang.

You can also go to the frog log in Zora's River and play the Song of Time for them.

Go to the Temple of Time

When you are ready to move on to the next part of the game, return to Hyrule Castle Town. In Hyrule Castle Town, there is an exit to the right of Happy Mask Shop. Use it and follow the path to reach the Temple of Time.