Parashurama Jayanti is celebrated as birth anniversary of sixth incarnation of Lord Vishnu. It falls during Shukla Paksha Tritiya in the month of Vaishakha. It is believed that Parashurama was born during Pradosh Kala and hence the day when Tritiya prevails during Pradosh Kala is considered for Parashurama Jayanti celebrations. The purpose of the sixth incarnation of Lord Vishnu is to relieve the Earth's burden by exterminating the sinful, destructive and irreligious monarchs that pillaged its resources and neglected their duties as kings.

According to Hindu belief unlike all other avatars Parashurama still lives on the Earth. Therefore, unlike Rama and Krishna, Parashurama is not worshipped. In South India, at the holy place Pajaka near Udupi, one major temple exists which commemorates Parashurama. There are many temples at the western coast of India which are dedicated to Lord Parashurama.

The Kalki Purana states that Parashurama will be the martial guru of Shri Kalki, the 10th and final Avatar of Lord Vishnu. It is not the first time that 6th Avatar of Lord Vishnu will meet another Avatar. According to Ramayana, Parashurama came to the betrothal ceremony of Sita and Lord Rama and met the 7th Avatar of Lord Vishnu.