• As per Hindu legend, the temple was called Brahma Putram in Krita Yuga, Parasaram in Tretha Yuga, Sainthiranagaram in Dwapara Yuga and Bhargavapuram in Kali Yuga. The temple is associated with Trivikrama avatar of Vishnu.
• As per the legend, Sukrachariyar, the demon guru, was against king Mahabali donating land to Vishnu in the form of a Brahmin. He took the form of the insect and shut the tube of the jug used by the king to spill water during the donation. Vishnu identified the trick and injured the eyes of the insect with a small spear.
• Sukracharyar, who lost his eyes, did penance at this place to attain the lost eye. It is the believed the light he attained is still glowing at the temple as a lamp called Nethra Deepam. 
• As Lord Shukra (Venus) also known as Velli was in penance on this place and because of this, the sthalam is called as “Velliankudi”. Among all the Planet’s Lord Shukra has an important place. He is the next brightest star to Sun and Moon. 
• Once the architects of Devaloga, Viswakarma and Mayan had an argument on whose skill was superior. Mayan was the sculptor of the Deva Logam. He is the father of Mandothari, wife of Ravana. 
• He constructed many beautiful places such as Tiripura loga which floats in the sky (for Asura’s) etc. Brahma, the god of creation informed Mayan that Viswakarma attained betterment as he built Vaikunta, the abode of Vishnu on account of accomplishments in previous birth. 
• He also informed Mayan that to attain similar status, he has to identify and build an abode near river Kaveri similar to Vaikunta. Mayan wanted to have a heartiful Dharsan of Sri Ramar. He requested Sri Ramar to give Dharsan without his Sangu and Chakaram. 
• So Sri Ramar gave these things to Garudan and showed himself as “Kola Vallvill Raman” at this place.Mayan inspected various places and finally identified Thiruvelliyangudi, where sage Markendeya was doing penance. He built a beautiful temple and its compound, which is believed to be the temple in modern times. Vishnu appeared as Sringara Sundaran (beautiful deity).

• Here Garudan has Sangu and Chakkaram in his hands. This incident shows that a true artist is beyond love and affection towards his family (ie) he is more concentrated in his work only. So, Lord Bhrama too came here to have Dharsan.

Festivals:

• Sri Kola Valvilli Ramar Perumal Temple practises Vaigasana Agama and Vadagalai. Vishnupathi Punniya Kalam, an auspicious time during the first days of Tamil months of Vaikasi, Avani, Karthigai and Masi is celebrated in the temple seeking divine auspices from Garuda.