Melukote is the location of the Cheluvanarayana Swamy Temple, with a collection of crowns and jewels which are brought to the temple for the annual celebration. On the top of the hill is the temple of Yoganarasimha. Many more shrines and ponds are located in the town. Melukote is home to the Academy of Sanskrit Research, which has collected thousands of manuscripts.
Early in the 12th century, the famous Srivaishnava saint Sri Ramanujacharya, who hailed from Tamil Nadu, stayed at Melukote for about 12 years. It has thus become a prominent centre of the Srivaishnava sect.