The day is considered auspicious by Hindus and Jains in many regions of India for new ventures, marriages, expensive investments such as in gold or other property, and any new beginnings. It is also a day of remembrance for the loved ones who have died.  The day is regionally significant for women, married or unmarried, who pray for the well being of the men in their lives or the one they may in future get engaged to. After prayers, they distribute germinating gram (sprouts), fresh fruits and Indian sweets. If the Akshaya Tritiya falls on a Monday (Rohini), the festival is believed to be even Fasting, charity and helping others on this day is another festive practice.

Very important, and as related to the name of the festival itself is the best of Akshaya Patra, to Draupadi, by God Krishna, during the visit of sage Durvasa. During their exile in the forests, the princely Pandavas were famished for the lack of food and their wife Draupadi pained by the lack of food for customary hospitality to their numerous saintly guests. Yudishtira, who was the eldest, did penance to Lord Surya who gave him this bowl which would remain full till Draupadi had her meals. During sage Durvasa's visit, God Krishna made this bowl invincible, for Draupadi, the wife of the five Pandavas, so that the magical bowl called Akshaya Patram, would always remain full with food of their choice, even as to satiate the whole universe, if required.

Akshaya Tritiya is believed in Hinduism to be the birthday of Parasurama who is the sixth incarnation of Vishnu, and he is revered in Vaishnava temples. Those who observe it in the honor of Parasurama sometimes refer to the festival as Parasurama Jayanti.  Alternatively, some focus their reverence to Vāsudeva avatar of Vishnu.

According to one legend, Ved Vyasa began reciting the Hindu epic Mahabharata to Ganesha on Akshaya Tritiya. Another legend states that river Ganges descended to earth on this day.

Another significant event that is believed to have occurred on this day is that Sudama visited his childhood friend, Lord Krishna in Dwarka, and received unlimited wealth.

Also, it is believed that Kubera received his wealth and position as the 'Lord of Wealth' on this auspicious day.

On this day people who observe the year-long alternative day fasting known as Varshi-tap finish their Tapasya by doing parana by drinking sugarcane juice.^[14]

In Odisha, it is the day when Hindus begin their annual construction of chariots for the Puri Rath Yatra festivities.