The Walkeshwar temple was originally built by the kings of the Silhara dynasty, who ruled Bombay from the 9th to the 13th century. The Banganga Tank, belonging to the temple, was also first constructed at this time. The tank was rebuilt in 1715 out of a donation for the temple by Rama Kamath. The main temple, has been reconstructed since then and is at present a reinforced concrete structure of recent vintage.