The festivals that are celebration this holy place are chiefly three Chokka- Dahana. It is also called (Fire). It takes place on Kartika Shuddha Pournima every year. Phala Pooja : This festival is also called 'Siri'. It will be held on Margasira Bahula Dwitiya. This is a very rare festival performed to God and Goddess throught the world. In almost all the temples Kalayanaotsava (Wedding ceremony) is performed for God and Goddess, but for the Sri Virupaksha Swamy prior to Kalyanaotsava Phalapooja festival (marriage fixing ceremony) is performed for three days. The ceremony starts on Margashirsha Poornima (Full Moon day) (roughly in the month of December). On that day Sri Virupaksha Swamy thepposavam festival (placing God and Goddess in the theppa i.e. decorated boat like vessel) and making five rounds in the big pond (Manmukha kunda) situated in the North-East direction of the main temple. On the third day i.e. on Margashirsha Krishna Dwiteeya after the completion of third abhishekam for Lord Sri Virupaksha Swamy, the God and Goddess are placed on silver Vrishabha Vahana (Silver Bull) and taken to Sri Kodanda Ramaswamy temple in a grand procession. Here for this rare ceremony Sri Sri Sri Jagadguru Shankaracharya of Sri Hampi Virupaksha Vidyaranya Samasthanam and The Heriditory Trustee of Sri Virupaksha Swamy temple and Group temples, will participate from Sri Virupaksha Swamy side (Bride groom side) and Sri Kodanda Rama Swamy Devi Sita lakshamana and King Sugreeva from Goddess side (Bride's side). In this festival the auspicious day and hour of the wedding ceremoney of Virupaksheshwara swamy is decided.
The Kalyanotsava and Rathosava (Car festival) of Sri Virupaksheshwara is also called 'Sampathi'. There is a tradition from long past to celebrate the rathotsava of Sri Chandra Mouleshwara the worshipping deity of Sri Vidyaranya along with that of Sri Pampa Virupaksheshwara in a separate chariots. The chariot of Sri Chandra Moulishwara was constructed by king Bukka Raya for the satisfaction of Sri Vidyaranya. The greatness of this Rathotsava has been composed in the form of poetry in 'CHAMPU' style by poet Ahobala which describes what actually he had seen during rathotsava.
The festival of Navaratri used to take place for nine days. The Maha Navami Dibba exists even today as if it reminds about the said festival. Even to day we can see this function being celebrated in Sri Virupaksha Vidyaranya Samasthanam for Ten days. On Nineth day i.e. Maharnavami day Sri Chandi Yagnam is performed.