Dipankara is generally represented as a sitting Buddha, but his depictions as a standing Buddha are common in China, Thailand, and Nepal; with the right hand he generally forms a protection mudra (abhaya mudra), and often he forms it with both hands.

One story shown in Buddhist art has Gautama Buddha in a former incarnation known as Sumedha, a rich Brahmana turned hermit kneeling and laying his long black hair on the ground, in an act of piety that the Dipankara Buddha could cross a puddle of mud without soiling his feet.

Some sources and scriptures recount that the Bodhisattva Gautama was born as Prince Sumedha in the time of Dipankara, and was rich and gave away all his wealth to become a monk.

This encounter, among many other predictions of Gautama Buddha's future enlightenment, can be found in the Mahayana text Sangatha Sutra.

He is also considered the protector of sailors, and sometimes statues of Dipankara are found on the coastline to guide and protect the ships in their route.

The Buddhavamsa says that Dipankara achieved Nirvana in Nandarama, where a stupa was built which was thirty six yojanas high.