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Baghwan Vishnu, at the time of Pralaya the end of the world then, kept all the beings in his belly, slept on the banyan leaf bed in the ocean.  Later, for the re-creation of the world, he created Brahmma from His Naval Chord and taught him the four Vedas.  Brahmma began the creation.

Two water drops appeared on the naval leaf of Lord changed into two demons.  As they were thus born to Lord Vishnu, they summed up the courage to snatch the creation profession from Brahmma, stole the Vedas from Him and hid them in the deep underground- Pathala Loka.  Brahmma surrendered to the Lord.

Lord came to Pathala Loka and found the demons as two horses and therefore, He also took the form of the horse and began the war with the demons Madhu and Kaidapa.  He defeated the demons and recovered the Vedas and returned them to Brahmma.  The Vedas felt that their sanctity was affected due to the touch of the demons and entreated the Lord to restore their dignity.  Lord smelt them.  The Vedas got back their sacred status.  As the Lord was furious after the war against the demons, it is said that Sri Mahalakshmi was requested to cool him.  Installing Mahalakshmi on His lap, the Lord came to be known as Lakshmi Hayagriva.  Hayagriva-Lord with horse face.

Lord Hayagriva  is worshipped as Lord of Wisdom as He recovered the Vedas from the demons.  Where there is wisdom, wealth joins there.  The Lakshmi Hayagriva form combines wisdom and prosperity.

It is noteworthy that the temple lies in between the Tiruvahindipuram Lakshmi Hayagriva temple and the Chengalpat Chettipunniam Lakshmi Hayagriva temple.

Lord graces the devotees with His right eye while the left eye is set on Mother.  Mother graces the devotees with Her left eye keeping the right on the Lord.  A yantra (a disc made of gold, silver or copper with diagrams incorporating the meaning and effects of Mahamantras) is installed under the presiding deity.  Saint Lakshmi Kumaradatta Desika Swamigal, fed with the wisdom milk of Mother in the Sarangapani Temple of Kumbakonam has his due place in the temple.  It is said of him that he used to chant Ramayana without any gap and had the darshan of Sri Anjaneya.

The following is a sloka recited by students both in morning and evening in the temple.  They recite the sloka in their houses too.

The idol of Lord Hayagriva is made of Salagrama stone. Lord and mother are embracing each other with their left and right hand respectively. Generally idols are made showing Mother alone embracing Lord Hayagriva. As this idol shows both embracing each other, it is believed that worshipping the Lord and Mother in this form ensures stronger marital affinity among couples.