This particular temple is one of the best known temples dedicated to lord Vishnu in all of Kerala. This temple is a highly revered one with scores of devotees visiting it every day. This temple is also referred to as Kashi of the South giving it an importance of a sanctified pilgrimage spot in the southern part of India. The avatar of Vishnu worshipped here is that of the Janardhana Swami whose statue is in the standing position with his right hand raised towards its mouth. It is said that this right hand of his has been moving closer towards his mouth over the centuries and when it touches his mouth the world shall come to an end. This is said to be an inevitable event and would take place towards the end of a period of time the Hindus refer to as the "Kal Yug".
The temple observes a ritual of four poojas everyday which is conducted by the chief priest. The chief priest is chosen or appointed from a place other than that where the temple is located. One of the most important festivals that is observed in this temple is Arattu which is a ten day festival which falls on the Meenam month of the Malayalam calendar. The day of Uthram is the most important day and is celebrated with much fervor by the devotees gathered here. Other than this festival another ritual that is a prominent feature of this temple is the offering of obeisance to the souls of the forefathers and ancestors.
Legend has it that Lord Vishnu was so enchanted by the music of Narada's veena that he had started following him without his conscience. The lord had followed Narada to Satyaloka and when Brahma saw him there he bowed before him. However on reaching Satyaloka lord Vishnu came to his senses and realised that he had strayed without his knowledge and left to Vaikunta, his abode without noticing Brahma's bow of respect to him. As lord Vishnu had left it now looked as if Brahma was bowing to Narada which the Devas found funny and started laughing. This angered Brahma and he cursed all the Devas to be born as humans on earth. The Devas were sorry for their behavior and asked Brahma for forgivness who said for the curse to break they should undergo penance to please Lord Jagardana, an avatar of Vishnu. On asking where the penance was to to be done, Brahma replied "where the vastra of sage Narada falls". Legends has it that the Vastra of the sage fell in Varkala hence sanctifying the place for the Devas to do their penance and get relieved of their curse. In accordance to the Hindu epic Mahabharata it is said even Balabhadran visited this place for his pilgrimage.
The temple is built in the traditional Dravidian style of architecture and is one of the best known temples of Kerala. The temple also has an ancient bell from a shipwreck that was donated by the captain of a Dutch vessel that sank near the Varkala.
The statue of the principal deity is also an architectural marvel. The statue depicts the deity in the standing form facing the eastern direction and his right hand is positioned in a way that shows him to be performing the "Aachamanam". His right hand is raised towards his mouth and legend has it if it were to move closer to the mouth the world would perish.