The small pagoda, which has a bulbous shaped dome, is widely believed to have been built by the third King of Pagan, Pyusawhti who ruled from 168 to 243 AD.

[1][2] It is one of the most notable shrines among the thousands of new or ruined Pagodas in Pagan, which is located about 90 miles (140 km) south of Mandalay.

It is also said that King Pyusawhti, builder of the Pagoda, got the river bank deweeded as it was infested with gourd-like plant, considered a 'menace'.

[8][9] According to a legend, Pyusawti who built this pagoda, as a young man defeated "Five Great Menaces" that were detrimental to the interest of the city of Pagan.

One of these five menaces was the extensive proliferation of the plant vines of gourd (at the location where the Bupaya Pagoda was built later).

Subsequently, the then King pleased with the gallant act of Pyusawti gave him, as a reward, his daughter in marriage.

[6][9][12] However, the old pagoda getting destroyed completely and falling into the Irrawaddy River during the 1975 earthquake, has indelibly scotched any arguments on the subject of its dating.