While the current structure reflects the classic medieval Kerala style, the temple's foundation is believed to be several centuries old. It has long served as a hub for the 'Anchambalam' (Five Temples) circuit in the region, which according to local tradition, were established during the era of the Pandavas' exile.

The Chariot-Style Sanctum and the Nilapaduthara

The temple follows the Kerala Nalambalam style, featuring a rectangular structure surrounding the central sanctum. The Sreekovil (sanctum) is particularly elegant, with wood carvings depicting the 'Dasavathara' (ten incarnations of Vishnu). Outside the main temple stands the Nilapaduthara, a sacred platform where the founding monk is said to have received his vision. The spacious courtyard and the traditional Oottupura (dining hall) reflect the temple's long-standing tradition of mass feeding and hospitality.

The most famous legend involves a wandering Brahmin monk who had a vision of the Lord at this exact spot. In the vision, the Lord was seen splitting the beak of a predatory owl. In gratitude for the divine protection, the monk offered his simple meal to the Lord, giving rise to the 'Chothioottu' feast tradition. This event marked the transition of the site from a forest grove to a formal temple.

Devotees flock here for the protection of their children. A unique ritual involves offering wooden or metal images of owls. This is based on the legend of the Lord subduing the owl, and it is believed to cure children of night terrors and illnesses. The 'Vennai Nivedyam' (Butter offering) is also a primary ritual, where fresh butter is offered to the child deity.

The Annual Utsavam in the Malayalam month of Meenam (March/April) is a 10-day extravaganza. The highlight is the Chothioottu feast on the Chothi star day, where thousands are fed for free. The Uulasavom also features traditional arts like Kathakali, Ottamthullal, and grand elephant processions.

In modern times, the temple is regarded as a 'Living Guardian' of Thodupuzha town. Locals believe that as long as the lamps at the Sree Krishna temple are lit, the town will be protected from floods and calamities. There is also a heartwarming belief that the Lord 'plays' in the temple courtyard at night, and many elderly devotees claim to have heard the faint sound of anklets (chilanka) near the sanctum after the temple doors are closed for the night.