The history of the Sacred Pilgrimage is exhaustively dealt within the 'Skanda Purana' of Sri Vyasa. To give a brief narration of the same the story goes thus. Once Daksha Prajapathi decided to  perform a Yaga. In pursuance of the same, he had been to Kailasa to invite Gods and Goddesses to sanctify his 'Yazna' and accept his hospitality. But when he had been there, Lord Siva was in his Court immersed in his spiritual splendour. But Daksha Prajapathi out of his ego of being the father-in-law of  Lord Siva, mistook the Lord's trance as indifference towards him.

         Sati in her womanish nature requested Siva to permit her to attend, the sacrifice at her parental home, even uninvited and have the pleasure of the performance and the association of her kith and kin. But Siva explained her the tragic implications that she might have to face at her parental house and let her to at her own wish. But, when she actually stepped into her parental home, none greeted her or even just asked her a mutual exchange of her well-being. Then Sathi was put out with the humiliation she had to face amidst her own blood and then and there, decided to give up her body instead of facing  her beloved husband with a fallen face. So, she gave up her body then and there and fell down dead. Siva having come to know of the tragic end, sent his son 'Veerabhadra' to boot down the ego of Daksha. Siva in his pangs of separation with Sati came down to her dead body and shoultered the corpse over his shoulders and danced in 'Pralaya Thandava'.

         This Holy Pilgrimage is one of the rare few, where the God and Goddess are equally important. One is Varanasi in Northern India with Viswanatha and Annapurna. Second is Srisailam in Southern India with Sri Mallikharjuna and Bramaramba and third is Draksharama with Bhimanatha and Manikyamba.

         There are many mythological anecdotes scattered in many of the Sacred puranas about the 'Swayambhu' aspect of the Lord's existence here.

         One of many is for once who is curious to know that Bhimanatha came down from Kailasa and settled here at the request of Parvathi herself who happened to be the daughter of Dakhsa.The historical aspect of the temple goes from the thirteenth century onwards.

         This temple is a protected Monument. The Archaeological Department has to undertake the renovation works of this temple to create beauty and divine atmosphere. The wealth of inscriptions and epigraphical details that can be glanced from the inscriptions on the walls of this temple are a paradise for the epigraphist and the historian.

         This temple is managed by the Executive Officer under the control of the Endowments Departments. Devi Navaratrulu, Karthika Masam,  Dhanurmasam, Birthday Celebration of Sri Bhimeswara Swamy varu, Subrahmanya Shasti, Maha Sivaratri and Kalyanam etc., are the important festivals of this Temple.