[3][4] The text is one of the late additions to the Hindu corpus of Upanishads, dated to the 2nd millennium of the common era, and was probably composed in the 14th or 15th century CE.

[5] The text is notable for mentioning Sannyasa in the context of Varna (classes), and describing ascetics (Hamsas) as wandering birds picking up food wherever they can find it, Paramahamsas (highest ascetics) begging and accepting food and water from all four castes without discrimination, a description similar to one found in Ashrama Upanishad.

[12] The text asserts that they have learnt from Adi Narayana about Varna-dharma (classes),[13] Ashrama-dharma (stages of life), and respective duties.

[16] Man begins his adult life with three longings (son, wealth and heavenly world), asserts the text, and to pursue these he resorts to selfishness, egotism and other latent impulses.

Like, Jabala Upanishad, the Paramahamsa Parivrajaka Upanishad asserts that anyone can renounce, at any time, either after sequentially completing studentship, householder life and retirement, or directly after Vedic studies, or from household life, or retirement, married or never married.

[17] The Upanishad adds that the renouncer should inform his family and friends, declare his intent, persuade and obtain cheerful approval of his father, mother, wife, son, relatives, and those who live immediately next to him.

Instead, they should remember and make oblations to the fire of vital breath and three elements (Sattva (goodness), Rajas (energy) and Tamas (darkness)).

[18] The text then repeats the teachings of Jabala Upanishad, with the change that anyone who wants to renounce should get the sacred fire from his village, or from a Brahmin for the offering.

[12]Alternatively, he may do this without the fire obtained from his village or Brahmin, and just use water, or just do it mentally or orally with "I renounce" if he feels he is in mortal danger.

[18] After that, he may go into war and die as a hero, or stop eating, or drown, or enter a fire, or proceed on the great journey.

[20][15] The renouncer gets together with wife, son and family, then offer the Shraddha oblation to himself in front of them, states the text.

The Upanishad dedicates the largest portion of its text describing the characteristics of the wandering Paramahamsa.

[15][7] His hand is his begging bowl,[24] he looks lean, he wanders alone for eight months, asserts the text, stays at one place during the monsoons.

[25] That knowledge is his sacred string, meditation is his topknot tuft of hair, the inner journey is his purificatory ritual and ring.

[15][25] He is the man of the Vedas, whose mind is one with Brahman, he is always satisfied with whatever he gets, neither respect nor disrespect bothers him, nor do pleasure or sorrow.