Aihole has been a part of Hindu mythologies. It has a natural axe-shaped rock on the Malaprabha river bank north of the village, and a rock in the river shows a footprint. People also believe that this place has great significance in Ramayana. It is connected to rishi gautama and ahilya event in the epic. This is the reason that the place is called Aihole. Parashurama, the sixth Vishnu avatar, is stated in these legends to have washed his axe here after killing abusive Kshatriyas who were exploiting their military powers, giving the land its red color. A 19th-century local tradition believed that rock footprints in the river were those of Parashurama. A place near the Meguti hillocks show evidence of human settlement in the pre-historic period. Aihole has historical significance and has been called a cradle of Hindu rock architecture.