The name Guruvayur is linked with a particular episode of the longest Indian epic, Mahabharata. The statue of Lord Krishna on his flute was recovered from Dwarka prior to the great flood which would have submerged it. This great act was performed by Guru, the teacher of Gods, in association with Vayu, the God of winds and was instated in a large reservoir. This was how the place got its name as Guruvayur.

Guruvayur is also the place where the renowned poet Melpathur Narayana Bhattathiri composed his Sanskrit devotional poem Narayaneeyam. According to the legend Lord Brahma himself worshipped the idol of Guruvayur at this place.

The Guruvayur temple was initially known as "Bhooloka Vaikuntha" and is believed to be at least 5,000 years old. The main idol is believed to have been installed by Brihaspati and Vayu, and to have been blessed by Parvati and Shiva. The temple is believed to be built by Vishwakarman, the divine architect. Over the years, Guruvayur has increased in popularity, especially after the 16th century when it became one of the most popular pilgrimage centres in Kerala.

The presiding deity is Maha Vishnu, in the standing posture with four hands, which carry a Sankhu (conch), Sudarshana chakram (a serrated disk), lotus and mace. He is worshipped as Balakrishna, the full avatar (Purnaavatara) of Maha Vishnu. The idol is made of a rare stone known as Patala Anjana.

It is the most venerated and sacred pilgrimage centre of Hindus in Kerala. The place witnesses thousands of visitors from India and abroad. The main temple in the town is dedicated to Lord Krishna known as 'Guruvayurappan'. A large number of young couples come to the town to get married and the busiest business in the area is conducted by the flower and garland sellers. One could witness the special processions of the images taken out on the elephants of the temple. During festivals, the temple is decorated with thousands of earthen lamps. Near Guruvayur, at Punnathur Kotta, the 44 temple elephants at their home are also witnessed.