The temple of Vaikom Mahadeva is held in very high esteems among the Hindus. The Shivalinga established here is five feet in height, and is believed to have formed during the Treta Yuga.

Although the festival of Vaikathashtami is celebrated for a period of 12 days, but the Ashtami is the most important day. The sacred Ashtami day celebrations are held during the dark lunar fortnight of the Malayalam month Vrischikam (Sagittarius).

Colorful processions are carried out from one place to another, joined by different deities. The festival celebrations also include Dance performances and musical shows spreading throughout the night. Popular dance forms like Kathakalli are also performed here.