The legend of the temple is associated with Narasimha, an avatar of Hindu god Vishnu appearing for Lakshmi, his consort, and Hanuman.

The central sanctum sanctorum niche houses the image of Narasimha in sitting posture, called Asana murti.

The annual car festival for the Narasimhaswamy temple is celebrated in March and April every year (The Tamil month of Panguni) as per the vaikhānasāgama.

The temple is maintained and administered by the Hindu Religious and Endowment Board of the Government of Tamil Nadu.

Narasimha was a half-human with a lion face and killed Hiranyakashipu during sunset (evening) time in a doorway, which was neither land nor air.

[4][5] Ages passed by, when Lakshmi, the consort of Vishnu was angry and performing penance because Narasimha did not forgive Hiranyakashpu.

Narasimha is worshiped by Shiva and Brahma who is in the form of eternal truth and the Supreme god as mentioned in the Yajur Veda.

In front of Namagiri Narashimhar, he composed his famous song "Simha Rupanada Sri Hari, Namagirishane" to this Perumal.

Most of the historians have compared the temples with similar architectural elements found in Badami Caves (6th century) and a possible influence.

[10] Some historians have argued that the Alvars during the Bhakti tradition have discarded Rock-cut images and hence no mention is found in the Nalayira Divya Prabandham about this temple.

The main sanctum sanctorum houses the image of Lord Narasimha in sitting posture, called Asanamurthi with Sanaka, Sanata, Surya, Chandra, Shiva and Brahma worshiping him.

There is a panel depicting the narrative of Vamana, who takes water from Mahabali and later grows big as Trivikrama to submerge Bali under his feet as per the Skanda Purana.

Sri Purandarasa (1500 CE), a Kannada Hari dasa, known as "Pithamaha of Carnatic music" and is considered as incarnation of Narada.

[16][17] This great saint had visited this Kshethram and Worshiped Narasimha and Lakshmi, he also composed a Kannada song on spot by seeing the beauty of Namagiri Narashimhar and Namagiri Thayar, he composed his famous song "Simha Rupanada Sri Hari, Namagirishane" to this Perumal and Thayar.

[18] The great Indian mathematician Srinivasa Ramanujan credited his mathematical findings to Namagiri Thayar, his family's goddess.

[20] Sri Vidya Mantra Ratna Prakatitha Vibhavaa Sri Subalaapoorna Kaama, sarveshaprathidhaa Sakala suranuthaa Sarvasaamraajyathaathri Lakshmi Sri Veda Garba Vidhurathu Madhiyaa Viswa kalyana bhooma ,Vishwa Kshemaatham Yoga Vimala Gunavathi Vishnu Vakshathalasya[21] Chakravarti Rajagopalachari BR (10 December 1878 – 25 December 1972), popularly known as Rajaji, C.R., or Mootharignar Rajaji,[22] was an Indian statesman, writer, lawyer, and independence activist.

[28] The temple is maintained and administered by the Hindu Religious and Endowment Board of the Government of Tamil Nadu.