The Sree Krishnaswamy temple at Ambalapuzha dedicated to Parthasarathy was established by the Chembakasserry Pooradam Thirunal-Devanarayanan Thampuran in the year 790 M.E. He offered his state to Sree Krishna and ruled the country as his regent after assuming the name of Deva Narayana.

The Arattu festival of this temple commences with the flag hoisting ceremony on the Atham day in Meenam (March-April). The important Arattu Utsavam, however, takes place on the Thiruvonam day in Meenam. The famous Ambalapuzha Palpayasam (a milk pudding of exceptional sweetness) is the important offering of this temple.