The scripture of Ananda Mall dated NS 238 placed on the front pillar of the temple gives evidence of the historical significance of the temple. The temple can be taken as the oldest of its kinds with a scripture. Myth speaks that the god emerged out of a heap of sesame and therefore it was called Til (sesame) Madhav Narayan. There used to be a canal flowing in front of the temple. In Sanskrit, a canal is called Tilmak. So, with this reference too the temple was named Til Madhav Narayan. Initially it must have been called Tilak Madhav Narayan, which after certain period of time got pronounced as tilmadhav Narayan.
यस मन्दिरको अग्रभागको स्तम्भमा रहेको ने.सं. २३८ (सन् १११८) को लिच्छवी राजा आनन्द देवको अभिलेखबाट यो मन्दिरको ऐतिहासिकता पुष्टि हुन्छ । जुन भक्तपुरको सबैभन्दा पुरानो अभिलेखयुक्त मन्दिरको रुपमा लिन सकिन्छ । कहावतमा तिलको थुप्रोबाट उत्पत्ति भएको कारण तिलमाधव नारायण भनिएको कथन यस नारायण मन्दिर अगाडि कुनैबेला एउटा कुलो बगेको र कुलोलाई संस्कृतमा तिलमक भन्ने सन्दर्भमा तिलमक माधव नारायण नामाकरण भएको देखिन्छ । पछि तिलमक माधव नारायण नै तिलमाधव नारायण भएको मानिन्छ ।
