It is significant to the Hindu sect of Saivism as one of the temples associated with the nine planet elements, the Navagraha Stalas, and specifically Budha.

The temple complex covers around two acres and entered through a seven-tiered gopuram, the main gateway.

Chitra Pournami and Aani Thirumanjanam during the Tamil month of Aaani (June–July) are the most prominent festivals celebrated in the temple.

In modern times, the temple is maintained and administered by the Hindu Religious and Charitable Endowments Department of the Government of Tamil Nadu.

Shiva took an incarnation as Agoramurthi and killed Maruthuvasuran under a tree which is believed to be the place where Thiruvengadu temple is located.

Tara was directed by Shiva and Brahma to go back to her husband Guru and she entrusted the child to Chandra.

Brahma was blessed with divine power of learning (Vidya) by goddess Parvathi in the temple.

[3] The temple has around hundred stone inscriptions from various dynasties from Cholas, Pandyas and Vijayanagara Empire king Krishnadevaraya.

[4] The temple occupies an area of 2 acres (0.81 ha) with all its shrines and water bodies housed inside granite walls.

The temple has three presiding deities namely Swetharanya, Aghora and Nataraja who are believed to govern Budha.

[6] A Chola bronze of Ardhanarishvara with a height of 102 cm (40 in) in standing posture dated to about 11th century was found in the village in Nagapattinam district.

As at other Shiva temples of Tamil Nadu, the priests belong to the Shaivaite community, a Brahmin sub-caste.

The temple rituals are performed six times a day: Kalasanthi at 8:30 a.m., rendamkalam at 10:30 a.m., Uchikalam at 12:30 p.m., Sandi at 6:00 p.m., and Sayarakshai between 8:00  - 8:00 p.m. Each ritual has three steps: alangaram (decoration), neivethanam (food offering) and deepa aradanai (waving of lamps) for both Swetharanyeswarar and Brahmavidyambigai.

There are other common festivals like Shivaratri, Vinayaga Chaturthi, Vijayadasami and Karthigai Deepam celebrated in the temple.

As in other Navagraha temples, the common worship practises of the devotees include offering of cloth, grains, flowers and jewels specific to the planet deity.

[2] As per contemporary Saivite belief, the energies distributed cyclically by Navagrahas can be channeled based on remedial measures.

As per local legends, Shiva, the overlord of the nine planetary deities, allowed them to freely grant wishes based on devotion of the devotees.