In Tretayugam, there lived a sage by the name of Yadarishi, son of the great sage Rishyasrunga and Santa Devi who did penance inside a cave with the blessings of Anjaneya (Hanuman) on this hill between Bhongir (Bhuvanagiri) and Raigiri (Now in Nalgonda district of Telangana, India). Pleased with his deep devotion, Lord Narasimha, an incarnation of Lord Vishnu appeared before him in five different forms as Sri JwalaNarasimha ,Sri Yogananda, SriGandabherunda, Sri Ugra and Sri Lakshminarasimha. All these five forms (roopas) are presently worshipped within the temple. They later manifested themselves into finely sculpted forms that later came to be worshiped as Pancha Narasimha Kshetram.

There are Purana and traditional accounts of this Shrine, which are widely popular among the devotees. There is mention about the origin of this temple in the Skanda Purana.