The economic development of Kochi, as well as the nearby refinery industry have resulted in Thiruvankulam emerging as a major residential area.

Thiruvankulam is the location of the Hill Palace, which was the imperial administrative office and official residence of the Cochin royal family.

The Shiva temple in Thiruvankulam, from which the place name originates, attracts many devotees for its unique festivals and rituals.

[6] Thiruvankulam is in Piravom assembly constituency.Thiruvankulam was administered by a special grade panchayat (village or non-urban habitation) under the Kerala Panchayati Raj Act.

In 2010, as a result of the re-organization of administrative divisions in Kerala, Thiruvankulam panchayat merged with the neighbouring Tripunithura Municipality.

The village is home to large petroleum corporations as well as numerous small scale and cottage industries.

[citation needed] Hill Palace is a large archaeological museum in Kerala situated in Thiruvankulam.

Built in 1865, the palace complex that occupies a hill consists of 49 buildings in the traditional architectural style, spreading across in 54 acres (220,000 m2).