The Tulshibaug Ram Temple was built during the Peshwa era, after the battle of Panipat in 1761, under Naro Appaji Khire (Tulshibaugwale) (1700-1775), the Subhedar of Pune.

To the north of the Ram temple, a large wada was built that would serve as a residence for the heirs to Naro Appaji.

Very few spaces and buildings of the Peshwa era survive in Pune today; however, the Ram Mandir precinct is largely intact.

Architectural features of interest include woodwork, stonework, and lime stucco-work, in addition to a heritage of urban design over two centuries.

In September 2009, work began on a three-year restoration project sponsored by the Shree Ramji Sansthan Tulshibaug Trust.