The temple enshrines a huge idol of Padmasambhava flanked by the idols of Tara Devi and Lord Buddha. There are a number of wooden and metallic wheels fixed all around the temple bearing Buddhist Mantras carved in Tibetan script.

It is believed that the temple came into existence when Padmasambhava Buddha, the second and the originator of 'Lamaism' or the 'Tantrik cult' of Buddhism originated.

Rewalsar Fair, celebrated during the month of 'Phagun’, believed to be the birthday of Padmasambhava, is a major draw.