The most distinctive feature of Annavaram is the shrine to Lord Veera Venkata Satyanarayana Swamy situated upon the Ratnagiri Hills. The land is considered to belong to both Lord Sri Veera Venkata Satyanarayana Swami Temple and Goddess Anantalaxmi Satyavathi Ammavaru. The temple, situated on the hill top, is about four furlongs (almost a kilometer) away from its base. It can be reached either by steps covered with canopy, via Ghat road, or trekked via a stone path.
The popularity and importance of the temple is increasing among pilgrims. This place is considered as second only to Tirupati in Andhra Pradesh. Festivals are celebrated year-round. Popular festivals are Kalyanam in May, Devi Navratri in September, the Swayamvara Vardhanti of Sraavana Suddha Ekadashi Day, Srirama Kalyana, Kanakadurga Yatra, Prabha Utsavam, Teppa Utsavam and Jalatoranam.