Parashurameshvara Temple has a "vimana", the sanctum, and a "bada", the curvilinear spire over its roof, rising to a height of . It is the first temple to have an additional structure called "jagamohana", compared to the earlier temples that had only the "vimana". Though the temple is dedicated to Shiva, it contains sculpted images of Shakta deities, which are otherwise normally part of Shakta temples. The temple is the first in Bhubaneswar to contain depictions of Saptamatrikas, namely, Chamunda, Varahi, Indrani, Vaishnavi, Kaumari, Shivani and Brahmi. The temple is maintained and administered by the Archaeological Survey of India (ASI) as a ticketed monument. Parashurashtami is the major festival celebrated in the temple during June–July every year. The temple is one of the most prominent tourist attractions in the state of Odisha.