All the three Lords with their consorts – Lord Vishnu with Mother Mahalakshmi, Lord Brahma with Mother Saraswathi and Lord Shiva with Mother Parvathi grace the devotees in the temple.
According to legend, there used to a giant ant-hill at the location where the sanctum sanctorum of the temple now stands. This ant-hill was surrounded by stagnant water, as a result of the collection of rainwater, and at some time a Shiva Lingam was placed in this water around the ant hill and worshipped. Chinna Bommi Nayaka, a Vijayanagar chieftain, who was controlling the fort had a dream where Lord Shiva asked him to build a temple at that location. Nayaka proceeded to demolish the anthill and build the temple in 1550 AD, and since the Lingam was surrounded by water the deity was called as Jalakandeswarar.The temple was built during the reign of the Vijayanagaram king Sadasivadeva Maharaya. The temple also has the statue of Sri Akhilandeshwari Amma, the consort of Jalakandeswarar
The Jalakanteshwara Temple is a fine example of Vijayanagaram Architecture. The temple has exquisite carvings on its gopuram , richly carved stone pillars, large wooden gates and stunning monoliths and sculptures. These Vijayanagara sculptures are similar to the ones present in Soundararajaperumal Temple, Thadikombu, Krishnapuram Venkatachalapathy temple, Srivilliputhur Divya Desam and Alagar Koyil. The Gopuram of the tower is over 100 ft. in height. The temple also has a Mandapam, with the hall supported by carved stone pillars of dragons, horses and yalis . The temple itself built in the middle of a water tank, and there is water surround the temple like a garland. The circumference of the water tank is 8000 ft. The wedding hall (Kalyana Mantapam) inside the temple has a 2 faced sculpture, that of a bull and an elephant. The water user for bathing the deity is drawn from an ancient well called the Ganga Gouri Thhertam, within the temple