Ambalapuzha is a small town. Its fame is centered on the famous Sree Krishna temple located here on Ambalapuzha river bank. A fascinating history surrounds the deity of this temple. Once, Champakasseri king along with his mentor, Vilwamangalath Swamiyar, was traveling in a boat through the river. Their attention was drawn to a lovely sound of flute reading. They shored the boat and followed the melody. They reached a peepul tree when they saw a beautiful boy on one of its branches. Vilwamangalam who is a Vedic genius realized that the boy is a none other than the divine Krishna. Both of them circumambulated the tree and prostrated before the boy. When they rose the boy was not traceable. The King Chambakasseri constructed a temple at the very spot and dedicated it to the Lord Krishna. The idol for installation was brought by a boat. It is in commemoration of this, Chambakulam Boat Race is conducted in the month of Midhunam (June/July) every year.
Palpayasam (sweet milk kheer) is daily presented to the deity as offering. This Palpayasam known as Ambalapuzha Palpayasam is very famous all over Kerala.