As per Hindu legend, the king Ubhamanyu earned the wrath of sage Durvasar and lost all his physical strength. To get rid of the curse, he was asked to feed one lakh people every day. One day, Hindu god Vishnu disguised himself as an old man, appeared before the king and asked for a meal.
The king went on donating and the old man consumed all the food prepared for the people. The king was shocked and bewildered at this strange act. The old man asked for a kudam (pot) of Neyyaappam (a sweatmeal), stating that only it can fulfill his hunger. The king fulfilled the wish and later realised that it was Vishnu who had appeared as the old man. The king was relieved of the sage's curse by the blessings of Vishnu. Because of the legend, Vishnu is called "Appakkudathaan" in the temple.
It is believed that this temple is where sage Markandeya was liberated from his curse from Yama (god of death), who cursed Markandeya to die at 16 years old. The presiding deity is Ranganatha, who is believed to have crushed Indira's (a celestial deity) pride.The place is called "Koviladi" because it is located downstream of the Srirangam Ranganathaswamy temple, which is referred as kovil in Vaishnava tradition.
The temple is called as "Tiruppernagar" because the region was called "Per Nagar" during Chola times. The azhwars refer the place as "Tiruppernagar" in Nalayira Divya Prabandam, a Vaishnava canon.
The temple has inscriptions from the 18th year of the reign of Aditya Chola.The recorded inscriptions in this temple are numbered 283, 300, 301 and 303 of 1901.As per Nammazhwar, the temple was home to the Vedic scholars of the time. The inscriptions in the temple indicate donations given towards the building of the main hall. Koviladi was one of the focal points of fighting in the regions surrounding Tiruchirapalli during the Anglo-French war; there are no records on the contributions or damages caused by this war.