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n older days Sree Padmanabha Kshetram and its properties were controlled by powerful lords known as Ettuveetil Pillamar under the guidance of Ettara Yogam. Later, Marthanda Varma defeated the Pillamar and his cousins "Kunju thampis", took over power.

The last major renovation of the temple was done by King Marthanda Varma, Maharaja of the erstwhile princely state of Travancore. He dedicated his kingdom to the deity, and pledged that he and his descendants would serve the kingdom as Padmanabha Dasa, meaning "servants of the Lord Padmanabha". With this, Sri Padmanabha became the nominal head of the state of Travancore, assuming the title Perumal, the Emperor. The British Government saluted the Lord with a 21-gun salute, a military tradition of colonial days, which was continued by the Indian Army until the abolition of the privy purses by Government of India with Indira Gandhi as the Prime Minister.[3]

The royal insignia of the Lord, The Valampiri Shankhu or dextral conch-shell, served as the State emblem of Travancore and even continued so for some time after the re-organization of the States. Sri Padmanabha is still regarded as regional deity of Travancore[citation needed]. The two annual festivals of the Temple culminate in a grand procession, in which the three deities (Sree Padmanabha, Narasimha Swamy and Krishna) are carried on flower-deck and aesthetically decorated Garuda Vahanas to the Shankhumukhom beach, for 'aaraattu' (sacramental ablution). The 'aarattu' days are declared as local public holidays in Thiruvanathapuram. The Idol is made of Kadusarkkara Yogam, an ayurvedic mixture, with Lord Vishnu sleeping on Anantha with his head pointing towards south and facing east.

On July 2, 2011, approximately 500 billion rupees ($11.2 billion US)[6] worth in gold, jewels, and other treasures were unearthed in the vaults at the temple. Several antiques such as 18th century Napoleon-age coins were also discovered at the temple.[7] India's Supreme Court recently ordered the temple be managed by the state to insure the security of the temple and its treasures.

This revelation has solidified the Padmanabhaswamy temple as the most wealthy temple in India, with the Thirupathy temple (previously thought to be the most wealthy) having some 320 billion rupees in gold, coins and other treasures.[6]