The Parasurameswara temple includes a vimana, bada, and a sanctum upon its roof which rises to the height of 40.25 feet. The temple also contains an extra structure known as jagamohana while the earlier temples consisted of only the vimana. The temple is mainly dedicated to Lord Shiva but there are some sculpted pictures of the Shakta deities inside the temple. This is because the Shailodbhavas who created the temple also respected and believed in the Shakta deities. Normally, the statues or sculptures of the Shakta deities are seen in the Shakta temples only.
The administration of the temple is given to the Archaeological Survey of India (ASI). It is considered as a monument of great significance and an entry ticket is necessary for all the visitors to get inside the temple. The Parasurameswara temple celebrates the festival of Parashurashtami with a big celebration inside the temple. It is conducted during the summer season of June and July every year. This festival is a major festival of the temple and tourists, devotees and believers come in huge numbers especially on the occasion of this festival to enjoy the festivities and have fun.