The peepal tree is used in a significant amount in the Ayurveda. The leaves, when heated with ghee, are applied to cure wounds. In the ancient scriptures of Brahma Purana and the Padma Purana, it is said that, once when the demons defeated the gods, Lord Vishnu hid in this tree. Hence it is believed that a spontaneous worship to Lord Vishnu can be offered to a peepal without needing his image or temple. The Skanda Purana also considers the peepal tree as a symbolisation of Lord Vishnu. He is believed to have been born under this tree.

In the Upanishads, the fruit of the peepal tree is used as an example to explain the difference between the body and the soul: the body is like the fruit which, being outside, feels and enjoys things, while the soul is like the seed, which is inside and therefore witnesses things.

Women walk around the peepal tree to be blessed with children or to gain the desired. Peepal tree is planted in the temples of Lord Shani and Lord Hanuman. The tree is worshipped on Saturday, especially in the month of Shravana, because it is believed that Goddess Lakshmi sits under the tree on this day.

Generally, devotees take a ribbon of raw thread and wrap it around the trunk while they pray for obstacles to be removed to the gods associated to the tree.