The temple is dedicated to Devi Vaishnavy, a fierce and benevolent form of Goddess Durga, worshipped as Bhagavathy by devotees across Kerala.

This temple plays a central role in the world-famous Thrissur Pooram, Kerala’s grandest and most vibrant temple festival, held annually at the nearby Vadakkunnathan Temple. Paramekkavu, along with Thiruvambady Temple, is one of the two major participants that compete in grandeur, caparisoned elephant processions, Panchavadyam (traditional percussion music), and spectacular firework displays. Paramekkavu Devaswom (temple management) also runs cultural institutions and educational centers to promote Vedic learning and performing arts. The temple is an integral part of the spiritual identity of Thrissur and draws thousands of devotees and tourists every year.The temple’s participation in Thrissur Pooram is marked by over 50 elephants adorned in gold-plated caparisons (Nettipattam), creating a visual spectacle.