Uncharted 4 and Skyward Sword. Both overrated (with tons of undeserved 10s), but still enjoyable and good games.

MGSV
Shadow of Mordor
Skyrim
Fallout 3
XCOM
Borderlands 2
LA Noire

FFVII is, in my opinion, a good deal overrated, but I still loved it at the time.

Ocarina of Time. Not cause it's bad, it's great. But it's just SOOOOOOOO insanely hyped. So even though I quite enjoy it and even though it's a magnificent achievement for it's time, it has not "not aged a day" and is not the best game ever made or the best Zelda if compared without regard for release date.

Shadow of mordor and watch dog

The Last of Us. Good game but way to much hype.

My definition of an overrated game is:

A game which isn't as enjoyable as it is perceived to be

For example, Majora's Mask may have 9's and 10's across the board for reviews, but you don't think it's that great of a game.

I think that one is very underrated these days. It's still a fantastic game design, even by todays standards. It's just behind on visual tech due to the time of its development.
Today, Final Fantasy 9 is the game in the FF franchise that is massively overrated.

Uncharted 3. It's a good game and has a lot of Sullivan, which is nice, but it is the worst Uncharted game in regards of story, game mechanics and extra content (pre-patch/Nathan Drake collection), yet it got universal acclaim. It is a no brainer why U4's plot was written anew, scrapping everything Amy had done when The Last of Us team took over.

Red Dead Redemption. It was a fun game while it lasted, but I never felt like it was the masterpiece so many reviewers and players said it was. I played through it once with no intention of ever going back to it. It was good, but not great.