Link: Our hylian hero sent on mission to stop the moon from crashing in to the world and get epona back from Stalkid.
Stalkid: The mysterious semi evil mischief maker who steals epona and might have a dark secret...
Mondo and Bell: Mondo and Bell are brother and sister fairys who help link on his quest and comunicate with others.
Deku Family: Not much is known about this strange family except that one of them has it in for Link.
Zora Family: This strange family has a band of some sort or the other and I think Link can join it as a Zora Ruto also returns in this game.
Epona: Epona returns as a pony in this game and is kidnapped by Stalkid in the beginning of the game and will play a important and active role.
The Three Masks: The Deku Mask: The Deku Mask which turns you in to a deku scrub will give you new powers like gliding using special flower gliders and a multiple horn type instrument also there seems to be a mini plot surrounding deku link about him being sad about something. Goron Link: when you turn in to Goron Link you become more powerful with new attacks like a spin dash move thaat crushes everything in it's path also Goron Link has a special bongo which I don't know the purpose of he must also save his people by by clearing a ice dungeon because otherwise the gorons will freeze. Zora Link: Zora link has amazing dexterity and speed with a new spinning attack and amazingly fast underwater grace also there seems to be a zora band which he can play a electric guitar of some sort.