Walkeshwar is named after Walkeshwar Temple, built in 1127 AD by the Shilahara rulers. This temple was destroyed in 1534 by the Portuguese and a new one was constructed in the 1720s by Ramaji Kamath, a Gaud Saraswat Brahmin. The temple was again reconstructed in the 1950s in its current location on the western edge of Banganga Tank.
Rama Mandir was originally built by an ascetic, Ramdas Bawa. In 1918, it was reconstructed by a Khatri merchant, Bhawanai Mohanji, and a shikara was added over the garbagriha. Marble idols of Lord Ram, Lakshman, and Sita from the original temple are enshrined in the garbagriha. The pujari family who maintains the temple, live at the rear.