[2] In a Telugu language anthology of 108 Upanishads of the Muktika in the modern era, narrated by Rama to Hanuman, it is listed at number 100.

Given the Vishnu avatar-oriented sectarian nature, and the description of tantric mantras in the text, it is likely a relatively late Upanishad.

[9] The term also refers to several different mythological characters found in all three major ancient Indic religions – Hinduism, Buddhism and Jainism.

[10] In an alternate mythology, Hayagriva refers to a demon who stole the Vedas and was slain by Vishnu in his Matsya (fish) avatar, a story presented in the Bhagavata Purana.

[10][13] Finally, in Pancaratra Vaishnava tradition, Hayagriva-Vishnu becomes the god of learning and one who protects, maintains the Vedas.

[10][11] In the Hayagriva Upanishad, the term refers to half-human horse-headed Vishnu avatar who is the teacher of humanity.

The text opens with an invocation to the god Vishnu, Indra, Garuda, the Sun, and Brihaspati are also invoked for welfare of all.