The temple is revered in Naalayira Divya Prabandham, the 7th–9th century Vaishnava canon, by Periyalvar, Nammalvar, Thirumangai Alvar and Thirumalisai Alvar. The temple is classified as a Divya Desam, one of the 108 Vishnu temples that are mentioned in the book. During the 18th and 19th centuries, the temple finds mention in several works like 108 Tirupathi Anthathi by Divya Kavi Pillai Perumal Aiyangar.
It is believed that Thirumangai Alvar spent his last days in this place and attained Moksha. The place is thus referred as Dakshina Vaikuntam, the ultimate destination
of Vaishnavites. A tradition of worshipping Vishnu through dance, music and art is called Kaisika Nataka is believed to have originated at Thirukkurungudi. A festival called Kaisika Ekadasi held at the temple every year.
The local belief is that the devotees practising Kaisika Vratha or witnessing the performance would attain Moksha. Arayar Sevai, another form of worshipping Vishnu is also believed to have originated in this place. As per legend, the practise was established by Nathamuni, who was practising with his fellow mates and Vishnu was hiding in the
South Mada street and enjoying the performance. Vishnu is also called as Gana Priyan, the one who enjoys music.
Images of Vishnu's avatar Narasimha slaying Hiranyakashipu
It is believed that Ramanuja, the proponent of Vaishavadvaita philosophy taught Vishnu about Astakshara and hence the presiding deity came to be known as Vaishnava Nambi.
The Chittirai utsavam(festival) in the month of Chittirai (April - May), Vaikasi Jestabishekam during June, Aavani Pavithrotsavam during Aavani (August - September), Float festival during Thai (January - February) and Brahmostavam during March–April are the major festivals in the temple.
The temple follows the traditions of the Thenkalai sect of Vaishnavite tradition and follows Vaikanasa aagama. The temple priests perform the pooja (rituals) during festivals and on a daily basis. As at other Vishnu temples of Tamil Nadu, the priests belong to the Vaishnavaite community, a Brahmin sub-caste. The temple rituals are performed four times a day: Kalasanthi at 8:00 a.m., Uchikalam at 12:00 p.m., Sayarakshai at 6:00 p.m., and Ardha Jamam at 8:00 p.m. Each ritual has three steps: alangaram (decoration), neivethanam (food offering) and deepa aradanai (waving of lamps) for both Vaishnava Nambi and Thirukurungaivalli. During the last step of worship, nagaswaram (pipe instrument) and tavil (percussion instrument) are played, religious instructions in the Vedas (sacred text) are recited by priests, and worshippers prostrate themselves in front of the temple mast. There are weekly, monthly and fortnightly rituals performed in the temple.