The temple is significant because of the two Shiva Lingas that are found on a single pedestal. These Linga are named Lord Shiva and Lord Yama. Collectively, they known as Kaleshwara Mukteswara Swamy. Kaleshwaram is one of three Shiva temples mentioned in Trilinga Desham, or "Land of Three Lingas".
This ancient temple is dedicated to the worship of Lord Shiva. A unique aspect in this temple is the presence of two Shiva Lingams that can be seen on a single pedestal or Panavattam. One belongs to Lord Shiva (Mukteshwara) and the other belongs to Lord Yama. As a result of this dual presence, the temple has been named Kaleshwara Mukteswara Swamy Temple. Karimnagar tourism gains from the historical significance of this temple. It is believed that this temple of Lord Shiva is of the three Lord Shiva Temples of Trilinga Desham. All the three temples are Jyotirlingas that adorn the three corners of Telugu Land. The other two it is said can be seen at Draksharamam and Srishailam.