[2] The temple is one of the Pancha Kshethram where the goddess Lakshmi was born as Bhargavi- the daughter of Maharishi Bhrigu.

The temple is believed to be of significant antiquity with contributions at different times from Medieval Cholas, Vijayanagara Empire and Madurai Nayaks.

To avoid her anger, Vishnu resided in the underground chamber in the temple as Pathala Srinivasa.

In the meanwhile, the sage Bhrigu sought his apology and requested Lakshmi to be born to him as Komalavalli in his next birth.

Vishnu descended to earth as Aravamudhan in a chariot drawn by horses and elephants from his abode Vaikuntha.

The earliest epigraphical evidence of the temple dates to the late Chola period (10th-12th centuries).

Due to reconstruction in the Chola and Vijayanagara eras, the original shrine is no longer extant.

[10] The temple is maintained and administered by the Hindu Religious and Charitable Endowments Department of the Government of Tamil Nadu.

[4] The central shrine of the temple houses the image of Sarangapani in pallikonda posture, with his head resting on his right hand.

As per a Hindu legend, Nathamuni, who compiled Divya Prabandham by the twelve alvars, found only the first ten verses sung on Aravamudhan.

Nammalvar recited the remaining 3990 verses unconsciously while he was in deep meditation and Nathamuni compiled all of them.

The five Pancharanga Kshetrams in the order of their successive locations, on the banks of the Kaveri River are: The Srirangapatnam called the Adi Ranga, the first temple on the banks of the Kaveri River from the upstream side; the Srirangam (island in Tiruchirappalli) in Tamil Nadu known as Adya Ranga (the last temple), Appalarangam or Koviladi at Tiurppernagar in Tamil Nadu, Parimala Ranganatha Perumal Temple or Mayuram at Indalur, Mayiladuthurai and Vatarangam at Sirkazhi.

The temple rituals are performed six times a day; Tiruvanandal at 8:00 a.m., Kala santhi at 9:00 a.m., Uchikalam at 12:30 p.m., Ntiyanusandhanam at 6:00 p.m., Irandamkalam at 7:30 p.m. and Ardha Jamam at 9:00 p.m.[23] Each ritual comprises three steps: alangaram (decoration), neivethanam (food offering) and deepa aradanai (waving of lamps) for both Sarangapani and Thayar.

[22] As per a temple legend, once a staunch Brahmin devotee of Aravamudhan spent most of his life to the service of the deity.

As per legend, Tirumalisai Alvar was singing praise of Aravamudan and he requested him to raise up from his reclining position.

Aramudan started raising to gargantuan proportion forcing Thirumalisai Alvar to request him to recline again.

It is believed that the presiding deity asked Nathamuni to compile the four thousand verses of Nalayira Divya Prabandham at this place.

The chariots are pulled by hundreds of devotees across the streets around the temple twice a year, once during the Brahmotsavam during April–May and other during Ratha saptami in January–February.

The festival idols of Sarangapani and Kamalvalli are brought to the thermutti (chariot station) after elaborate religious rituals.

[26] Thirumangai Alvar's Tiruvelukkutrirukkai, a single verse in 46 lines, when seen in numerical order, makes the image of a temple chariot.