1278 A.D., Often considered being a watered down version of the magnificent Lingaraj temple as far as the architecture is concerned, this 18.29 metre high lone Vaishnav shrine is the most finished temple situated on the east side of the Bindu Sarovara. Chandradevi, the daughter of Anangabhima III during the rule of Bhanudeva in 1278 AD, erected it. In support of this date eminent historians offer a fresh reading and interpretation of the text found on the commemorative inscription of the temple.

The temple has four component parts; their roofs ascending upward, culminating in the mastaka of the deul. The shrine has a profusely carved exterior and an ornamental platform within the complex. Ananta-Vasudeva temple is an important Vaishnavite place of worship with the images of the Holy Trinity, Krishna, Balarama and Subhadra in the sanctum. The parsva-devatas include at least three incarnations of Vishnu, the Preserver. It is customary for the devout to visit the temple after taking a holy dip in the Bindu-Sarovara, prior to the darshan of Lord Lingaraj.