The Mathuravalli Thayar Shrine (Thayar) was constructed and The temple was renovated by Muthu KR.V.Alagappa Chettiar of Devakottai in 1923.

As per Hindu legend, a ruler named Vallabhadeva went incognito everyday to know about the lives of people under him. During one of his visits, a scholar told him that the ultimate goal in life is to "collect provisions in summer and save for winter", which also meant that one should work during his younger days and save for his old age. Vallabadeva was not convinced and he set this as a competition among scholars to make him realize the true value of life. Vishnucitta, who would later go on to become Periazhwar, one of the twelve most revered saints of Vaishnava sect, came to Madurai from Srivilliputhur. He was believed to have been directed by the heavenly words of Vishnu and he expouned the sacred verses. He explained the concepts of Hitham and Purushartham from Vedas and proclaimed that attained the feet of Narayana could lead to salvation. Vallabhadeva was pleased with the explanation and he awarded a bag of gold to Visnucitta. It is believed that the current gopuram of Srivilliputhur Temple, was built by Periazhwar with the gold won.

History

The inscriptions in the temple refer the presiding deity as Koodal Azhagiya Perumal. There are inscriptions in the temple indicating generous gifts and endowments in the form of land, houses and gold to maintain and administer the temple. An inscription from the 8th century indicates the donation of granite stones for the construction of Ardha Mandapa. The temple was expanded during the rule of Madurai Nayaks in the 16th century. The Dwajasthambam mandap (flag staff) and mandap before the Hema Pushkarani were constructed by the Nayaks. The Mathuravalli Thayar Shrine (Thayar) was constructed and The temple was renovated by Muthu KR.V.Alagappa Chettiar of Devakottai in 1923. In modern times, the temple is maintained and administered by the Hindu Religious and Endowment Board of the Government of Tamil Nadu.