The Mahalaxmi temple devoted to Goddess Mahalaxmi is situated on the Dr. Dada.Vaidya Road (earlier known as Rua de Saudade) in Panjim, the main city of Goa. It was the first Hindu temple allowed to be constructed in Goa after 300 years by the Portuguese since they captured Goa in 1510.

Built in 1818 and devoted to the goddess of wealth, Mahalaxmi who is the presiding deity of the Panaji village, the temple is now one of the most famous temples of Panaji. The deity considered a peaceful form of the goddess wears a "linga" on her head and is made of black stone with four hands. The temple has a fascinating history about the deity's image.

It is known that in the 16th century, some Brahmins carried this deity along to the Taleigao village in Goa. To escape the Portuguese destruction, they moved the deity to a stable which belonged to the Portuguese government. Fearing the security and safety, the deity was then moved to the Mhamai Kamat house, near the Idalcao's palace. It was then shifted to Mayem in Bicholim where it remained till 1817. After permission of the liberal Portuguese governor Conde De Rio Pardo, which was granted on 2nd July 1818 the temple was built and the image was finally brought to Panaji.

A lot of devotees come to the Mahalaxmi temple during Hindu festivals like Dussera and Mahashivratri. The main festivals celebrated here are Navaratri and Chaitra Purnima. In February also a big fair is held during the Maruti Zatra festival that draws a large number of devotees.