This is one of three Zelda-based games released for the CD-i. Ganon and his cronies have seized the island of Koridai and kidnapped Princess Zelda. Link must fight through Ganon's minions to defeat the Faces of Evil, one at a time. He must also destroy Ganon, free Zelda, and bring peace back to Koridai. This is a side-scrolling platform game with animated cut scenes like Zelda: The Wand of Gamelon.
This game and its two CD-I counterparts have lots of camp value, and because of this, they are a popular subject of YouTubePoop remixes etc.
The reason Nintendo licensed their Zelda characters to Philips Interactive was because Philips and Nintendo were co-creating a CD-ROM add-on for the SNES. The contract between them allowed Philips to create games with the Mario and Zelda characters. Although Nintendo never released a CD-ROM add-on for SNES, they did have the legal contract with Philips, so Philips was able to create three Zelda-based games and one Mario-based game.