Definition
It is the third historically defined period in the Land of Stories history. According to the Timeline Chart from A Grimm Warning, the Age of Magic starts around our Modern Age (20th century).
Historical Events
After the end of the Age of Magic, in which most of "our" famous fairy tales take place, the kingdoms are all at peace and celebrating their "happily ever afters". Snow White, Cinderella and Sleeping Beauty all marry their Prince Charming.
The C.R.A.W.L. Revolution takes place, and the Red Riding Hood Kingdom is formed, separating itself from the Northern Kingdom.
Alex and Conner are born, linking both worlds and aligning the timelines. Time now moves at the same rate in both worlds. Roughly 12 years later, the twins arrive in the Land of Stories for the first time.