Parashurameshvara Temple is considered as the best preserved specimen of an early Orissan Hindu temple dated to the Shailodbhava period between the 7th and 8th centuries CE. The temple is dedicated to the Hindu god Shiva and is one of the oldest existing temples in the state. The temple is one among the Parashurameshvara group of temples.
The temple is the first in Bhubaneswar to contain depictions of Saptamatrikas. Parashurashtami is the major festival celebrated in the temple during June–July every year.