According to the legend there was once a forest of jambu trees in the place of modern Tiruvanaikka. Nearby was a tank called Chandratheertha which was filled by water from the river Cauvery. Lord shiva appeared as a Lingam under one of the trees. The lingam came to be called the Jambulingam. Due to a curse, two of the shiva ganas Pushpadanta and Malyava, were born in the forest as a white elephant and as a spider. The elephant worshipped the Lingam with flowers and with water brought in its trunk. The spider too worshipped the Lingam, spinning out a web over the Lingam to prevent leaves of the tree from falling on it. The spider's web appeared to be unclean for the elephant and it destroyed the web. This lead to big clash between the two and ultimately resulted in their death. Lord shiva granted Mokshaa (salvation) to both. The spider was born in a royal Chola family as the great king Ko Chenkannan who built about 70 temples (Maadakovils) including the temple of Jambukeswarar at Tiruvanaika. Becuase the king remembered about his earlier birth, he built the temples in a such way that no elephant can enter the sanctum sanctorum and come near the Sivalingam.

The temple at Tiruvanaikaval is a big one covering an area of about 18 acres with high walls and gopurams on all the 4 sides. The temple has 5 prakarams. The main sanctum sancotrum (the 5th prakaram) can be reached by entering a series of Gopurams (Towers). The shrine for female deity Akilandeswari is situated in the 4th prakaram.

Tiruvaniakaval is one of the Pancha Booth Sthalams of God Shiva signifying the element of water (Lingam of water) or otherwise known as Appu Sthalam.