According to legends, Shiva gifted a crystal Chandramouleeshwara Linga to Sri Adi Shankaracharya. The Linga can still be visited and the Chandramouleeshwara Puja is offered to the Linga every night at 8:30 PM. It is also believed that Goddess Sharadambika, an incarnation of Goddess Saraswati, came to Earth as Upaya Bharathi. It is of a common belief that by worshiping her, one receives blessings from Brahma, Shiva, and Vishnu along with Durga, Lakshmi, and Saraswati. The ritual of Aksharabhyasa performed here is considered to be extremely sacred and fulfilling.

During Jagadguru's fiftieth birthday, doors made of gold were installed and inaugurated at the entrance of the sanctum of the temple.

Navaratri festival is celebrated every year for 11 days. The Shathachandi Homa is performed on Mahanavami. On the Chaitra Shukla Poornima, a special puja is offered in the Sri Sharada Shrine. On Vaisaka Krishna Prathipath Mahabhishekam and special puja is done for Sri Sharadambal. On Karthika Poornima, a Deepotsava is organised in the shrine. On the eve of Magha Shukla Panchami, Lalitha Panchami is celebrated with special Puja performed to Sri Sharadamba by the Jagadguru. On the Magha Krishna Dwithiya special Puja to Sri Sharadamba is performed by the Jagadguru. On the Magha Trithiya Sri Sharadamba Rathotsava is celebrated.