Link is the hero and central character of the Legend of Zelda series. Every incarnation of Link is different (unless otherwise stated, as is the case with Majora's Mask).
In Ocarina of Time, Link first meets Malon in the castle town, in front of a fountain. The two become fast friends. She gives him an egg, which he later uses to wake Talon after the cuccos hatches.
Later on, during his adventure, Link enters Lon Lon Ranch where he learns
Epona's Song. He is then able to tame Epona and the two become fast friends.
They meet again when after seven years. Link ventures to Lon Lon Ranch and frees Epona by winning a race. This is turn frees Lon Lon Ranch and returns the ownership to Talon and Malon.
Malon is, of course, grateful and offers Epona as a thanks. And this is as far as their interaction goes.
After Link wakes Talon up on the castle grounds, he is no longer required to interact with Malon. He does so out of a
want to help her, not out of obligation. This, to me, speaks volumes about Link as a person and as a hero.
More discussion about the Link/Malon ship can be found
here.
