According to inscriptions three idols of Mahalaxmi, Mahakali and Mahasaraswati of Shri Mahalakshmi temple were immersed by Hindus in the sea near Worli Nallah, to avoid destruction by invaders. Later, during the British rule, Lord Hornby decided to connect Worli and Malabar Hill Creek and the work was entrusted to a government engineer, Shri Ramji Shivaji Prabhu. Prabhu and his team attempted to connect the islands but high tidal waves stalled their work.

It is believed that Mahalakshmi appeared to him in a dream and asked him to take out all the idols in the Worli creek and place them on the top of the hill. He did this and was then miraculously able to connect the two islands when the work was completed. The Lord got the land on the hill as a gift.
He built the Mahalaxmi temple on the top of the hill by spending 80,000 rupees. According to the available records, this temple was constructed between 1761 AD and 1771 AD.
The name Mumbai is derived from Mumba Devi (Mumbai Mata)- the goddess is worshiped as Mother Earth. She is the deity of the Koli fishermen of Mumbai. She was worshiped by the Kolis, ever since the three beautiful idols are Sri Mahakali, Sri Mahalakshmi, and Sri Mahasaraswati. The idols are made of gold and wear precious ornaments of gold and pearls. Mahalakshmi rides a tiger and a demon (Mahishasur).

Seva and Worship:
Darshan: 6 am to 10 pm
Morning Aarti: 7 am
Dhoop Aarti: 6.30 pm
Evening Aarti: from 7.30 am
Shej Aarti: 10 pm

Tuesday is the main day of worship, although there is a crowd of devotees even on Sundays.
 
Celebrations: Navratri: The nine-day puja is divided into three groups of three days each. In the first three days, she is worshiped as Shri Mahakali or Durga Shakti, in the next three days Shri Mahalakshmi is worshipped and the last three days are for 'Shri Mahasaraswati'.
  
Festival of Diwali, Annakoot Festival on Kartik Purnima, Gudi Padwa and Hindu New Year

Best time to visit: All year round

Interesting fact

It is said that both Lord Shri Lakshmi and Shri Vishnu reside in Karveer (Kolhapur) area for eternity and will not leave even during the time of Mahapralaya. This temple is famous as it is one of the Shakti Sthals.

Nearby Places:

Mumbadevi Temple, Haji Ali Dargah, The Towers of Silence, St. Thomas Cathedral, Kenneth Eliyahu Synagogue, Mount Mary Church, and Vajreshwari Temple. Banganga Talab, Walkeshwar Temple, Babulnath Temple

Omkareshwar Mahadev Temple Near Race Course, Siddhi Vinayak Temple Near Dadar Station