The primary deity is Lord Sri Krishna. He is worshiped by all sects of Hinduism. He is the god of love and tranquility. The Azhalapuzha Malayalies see this temple as important as the Guruvayur temple. This temple is open throughout the year and is well known for its temple festival. The primary importance of this temple is well known for serving the Ambalappuzha Payasam and sweet pudding to its devotees for free. Once any one tastes this Ambalappuzha Payasam will never forget its aroma and taste. The Payasam is a semi liquid state of milk, sugar and nuts. The rice pudding and Payasam are served here since the last 4 centuries. This temple was the tutelary deity for Devanarayana Dynasty who ruled this region in the medieval times. This temple is open throughout the year and is found with hundreds of devotees daily. This temple also performs special rituals and ceremonies on demand by its devotees apart from its daily rituals.
As per the medieval time folk tale this temple was originated here since the local King lost his chess game with a Sage who was the Lord himself. The king asked his for a prize; here the Sage only demanded rice for him. He described it in the squares found in the chess board in a multiple progression way. But it was later realized the King doesn't have that many stock of rice to provide him if he lose the game. At last the Sage won the game and the king doubted this man is not simple human. Here the sage showed his actual form in gods shape and asked him to serve the grains as Payasam in his temple for free still its debts are over which are in trillion of tones grains. Till now this practice is going on in this temple. It is now popularly known as the Ambalappuzha Payasam.
Ambalapuzha Sree Krishna Temple is known to originate somewhere in the 790 AD. But the physical strong structures were erected by the Pooradam Thirunal and Devanarayanan Thampuran of Chembakasserry since 15th centaury AD and it was completed in the 17th century AD by its royal predecessor. A traditional Hindu Kerala style is seen all over its temple structure. It has got a very large ancient steep pond. The entire temple is made of laterite blocks and have ceilings fitted with terracotta tile in a sloped manner. The main entrance of this temple is built with a pillared porch entrance which leads to the shrine area. There are many triangular domes found on the upper portions of this temple. Apart from the ancient structures it has also got few concrete structures built for pilgrims amenities. This includes few porch and complexes. It has got a breath taking wood carving works on the inner structures. The main shrine complexes and few pillars are seen in the Sri Krishna's favorite color, which is blue. The primary deity is a life size idol which is similar to that of found in Guruvayur. There are many antique found in this temple and few of the valuable antiques are only displayed in the festival times.
In the month of November it conducts the Moolam Water festival. It was in practice since this temple was built here and was a renowned festival of yester year Aristocratic family of Travancore and the Chembakassery rulers. The Arratu is another important temple festival conducted here. This festival is held in between March and April month. During this festival time the backwaters will be plunged by its devotees reaching here by decorated traditional boats. All these festival at Sri Krishna Temple is celebrated with joy and cultural programs.