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The Kottiyoor Perumal Temple was, in its heyday in terms of gold and precious stones, the second-wealthiest Temple in the entire Kerala region (second only to the Padmanabhaswamy Temple which even with its smaller five vaults opened, lays claim to the largest collection of gold and precious stones ever, as well as being the wealthiest place of worship in the world). Kottiyur Perumal's collection of gold and precious stones has been stored since time immemorial in the 'Karimbana Gopuram' of the "Ikkare Kottiyoor" Temple.[5][6] Kottiyoor Perumal also owned over 30,000 acres of forest-lands in Kannur District.

Kottiyoor is one of the most sacred shrines of Shakti. There are very few shrines in India for Sati Devi among which Kottiyoor is one. As it is forbidden to build any permanent structures abiding by religious principles, there are only temporary and simple-looking structures, which resemblance what would look like hermits of sages. As there is no sanctum-sanatorium, Sati is worshiped as Shakti in 'Ammarakkalu Thara', a raised platform adjacent to the Swayambhoo linga where Sati Devi is believed to have committed suicide. This is believed to be the temple of the origin of the Shakti Peethas. As it is the confluence of the presence of all the known Hindu Divinities, the place is called Kottiyoor from Koodi and Uuru meaning Meeting Precinct.

Kottiyoor Temple is a prominent Shiva temple in Kannur, Kerala. Vadakkeshwaram Temple is the common name of the temple from ancient times, but some of the local people address the temple as Ikkare Kottiyoor as it is on the bank of the river close to the Kottiyoor village, to differentiate it from the shrine in the other side of the river. Thruchherumana Kshetram is also another name by which temple is known. The temple is a special category temple under Malabar Devaswom board.