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Inside the temple are two shrines adjacent to each other one facing east and the other facing west . Both are Chaturbahu Lord Vishnu. But the concept is that it is Lakshmana’s shrine on the eastern side and Lord Sreerama’s shrine is the one facing west. The shrine of the west is the one given to Lord Parashurama by Lord Shiva which he himself was worshipping. Parashurama came across this beautiful place constructed a temple and conescrated the deity. The shrine on the sanctum facing west is swayambhu or self born image. It is almost five feet tall fitted with gold plated cover for the protection of the image. It is also believed that there is a cave under this sanctum where there is a golden vilwa tree. Some are also under the impression that it is because of this, the place came to be called as Vilwamala.

It is said that, when the news of this holy shrine which Parasurama installed, spread widely.Pandavas too decided to visit this place to conduct the ceremonies for the moksha of their relatives departed souls. They came to the banks of the River Bharatapuzha( which is also known as the Ganges of Kerala) conducted the ceremonies under the guidance of Lord Krishna. They built a temple, there for Lord Krishna, which is now popularly known as Ivormadom Sreekrishnaswamy Temple. The story of the origin of Swayambhu deity in the west is related in Vilwadri Mahatmyam. According to this, Aamalakan, son of Kashyapa Prajapati started rigorous tapas to propitiate Lord Mahavishnu.The asuras became panicky. They thought that this severe penance would bring about their ruin. They tried to create terror in Aamalakan. Aamalakan opened his eyes which emitted sparks of fire. The asuras died on the spot. The heap of the dead was transformed into rock. This is one version as how the name rakshasapara came into being. Sage Aamalakan continued his prayer. Pleased, Lord Mahavishu appeared before him, asked his devotee to name any boon.Aamalakan said he desired nothing, but unstinted devotion. He also requested the lord to remain there for the protection of those who suffer in this world. Mahavishnu agreed and transformed into a deity.
The popularity of this two shrines and the power of Lord Mahavishnu increased enormously as a result of which, the asuras became furious. It is believed that on one ekadasi day, the Asura Kumbhanasika tried to stir the image on the sanctum on the western side. Lord Mahavishnu appeared and took hold of Kumbhanasika and other asuras and pulled them into a cave towards the south. They were locked up there. This particular place is what we now call the “RAKSHASAPARA"
 WAY TO RAKSHASAPARA
The Upadevas of this temple are Lord Mahaganapathy, Lord Veera Hanuman, Lord Ayyappa with Lord Shiva and Goddess Parvathi on the same pedestal.

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