Legolas is certainly older than 40 - at the very least he would be 200 or so (about twice Aragorn's age) since he comments in Fangorn that Aragorn and Gimli (and the other members of the Fellowship, save Mithrandir), but it seems he was older than that. Aragorn was ~90 years old during the War of the Ring.
Quote:
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'It is old, very old,' said the Elf. 'So old that almost I feel young again, as I have not felt since I journeyed with you children. It is old and full of memory. I could have been happy here, if I had come in days of peace.'
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This sbuject has been done a few times since this thread. Two in particular went much further than this one - I suggest you go to these two and post there on the theories. In the second, Tar Elenion explains his theory about Legolas not being around (or old enough to fight) in the Second Age with a number of reasons, including Legolas' absence from the Last Alliance.
How old was Legolas? (Again)
Legolas' Age