Palanka Veerabhadraswamy is situated on the banks of the river Krishna. Thousands of devotees, especially from Prakasam, Guntur, Kurnool and Mahabubnagar districts visit this temple. Women who want to become a mother or facing any problem related to pregnancy would visit the Palanka Veerabhadraswamy Temple located in the Nallamala forest. The couple who want to become parents would climb the cliff and collect the water falling from the Pancha Lingas. Devotees believe that if the water drops fall on them, then they would become parents soon.
The shrine is located at a distance of 10 km away from Palutla tribal village, Prakasam district. Devotees believe that Lord Shiva, who was fascinated by the beauty of Nallamala evolved as Palankeshwar. Along with Palankeshwar, Verabhadra Swamy and Bhadrakali temples are also present. Every year, the festivities would begin on the occasion of the Ashada Shuddha tholi Ekadashi festival.
Sri Krishnadevaraya, the emperor of Vijayanagara dynasty was very closely associated with the place, Srisailam. It is said that Sri Krishnadevaraya on his return journey after winning against Gajapatas, visited Srisailam. At that time, people begged the king to save them from bandits while traveling on the banks of the river Krishna. Then, Boda Venkatapathy Naidu and Nalagati Thimmanaidu have been appointed as the Jagirs of the place.
Srikrishnadevaraya constructed Alatam Fort besides the river. According to folklore, Veerabhadra Swamy and Bhadrakali idols have been placed six kilometers away from Alatam fort and the king has given the responsibility of protecting that place to Venkatapathy Naidu and Nalagati Thimmanaidu. Palanka is located in the Venkatadripalem Panchayat of Yarlagondapalem mandal. The Palanka remains as a memory of Sri Krishnadevaraya's rule.