Hiranya Varna Mahavihar is also known as Kwa Bahal, Suwarna Mahavihara, or the Golden Temple. This multi-storied Buddhist vihar is situated two hundred meters north of the Patan Durbar Square on the way to the five-tiered Kumbheswar Temple. It was built by Vaskar Deva Varma in the twelfth century AD. Though there does not seem to be much recorded in terms of history, it is assumed that it has not been altered since the early nineteenth century.

According to the legends, Queen Pingala of Patan has a part to play in the building of the Golden Temple. After being disgraced and ousted by her husband, she went to live in the Guheswari forest area of Pashupati. There she was visited by a dream that told her to build a vihar (monastery where Buddhist disciples live and learn their scriptures) if she wanted her husband's affection. She ordered for the establishment of a vihara with an idol of Shakya Muni Buddha at Bahalkot, near Pashupati, and started living there. King Sudatta, too, was impressed by his wife's penance and called her back to the palace. Many years later, the monks who were in charge of the vihar left and one of their descendants brought the idol to Patan. King Vaskar Deva Dutta, learned what had happened and built Nhu Vihara at Nyakhachowk in Patan and set the idol within. The king then dreamed that the idol disapproved of the place and told him that a new vihar should be built at a location shown by a mouse chasing a cat. So Vaskar Deva Dutta started looking and one day he saw a golden mouse chasing a cat. The king immediately set to work at building a vihara, and named it "Hiranya Varna Mahavihar," the golden Buddhist monastery.

The temple is enclosed by an unelaborated exterior wall, which reveals few clues as to the golden monument that lies within them. Two large stone lions guard the entrance of the passage to the temple, which opens to a small court. The lions were placed as protectors of the temple from human destruction. There is another gateway, carved with images of both Buddhist and Hindu deities that opens to the main courtyard of the temple complex. A small, one storied temple with fine metalwork dominates the view from the entrance to the courtyard. The temple is of Swayambhu, the self-existent. It is older than the main temple, Hiranya Varna Mahavihar, dedicated Shakya Muni Buddha that stands at the far end of the court. The massive gajur, pinnacle, of Hiranya Varna Mahavihar is three stepped with upturned corners. It has three slanting roofs of copper with small birds standing at the corners of each roof and metal banners that also hang from below. The top of the gajur is a bell shaped with four snakes whose bodies rise up to hold an umbrella. The gajur of the temple is one of the rarest, as there are thirteen small stupa structures with umbrellas on gajurs at the center. Four metal dhwajas, banners, hang down from under the edge of the topmost roof of the temple toward the courtyard. The façade of the temple is richly covered with metal carvings. Among the carvings are the deities on struts, latticed windows, and images of Pancha Buddhas and Bodhisatvas above the entrance of the temple, and bells and pillars that cover the surface of the facade. Places empty of elaborate decorations are even filled with patterns of bricks carved on the metal plate. The entrance of Hiranya Varna Mahavihar that leads to the main shrine displays fine work. The auspicious signs of kalasha at the sides of the door, pancha buddhas, and boddhisatvas on the arch above the entrance are very distinctly carved.

The courtyard itself is decorated with many ritualistic objects. In front of the Swayambhu Temple is a small metal mandala known as Dharma Dhatu Mandala, set on a double lotus podium. A metal vajra is also placed on top of the mandala. A line of oil lamp stands surrounds the base of the podium while praying wheels surround it from above. The banister of the walkway at the edge of the courtyard also holds numerous praying wheels and oil lamp stands. Different art forms of beasts have been placed in the courtyard. On either side of the entrance to the courtyard flanks are two metal statues of elephants standing on tortoises. A monkey statue is also seen at each corner of the courtyard. There are mystical forms of lions standing at the four corners of the Swayambhu Temple. Two stout lions and griffins also stand on either side of the main temple. There are large praying halls known as gumbas, and metal images of Buddhist idols. The Northern hall holds an image of Amoghapasa Lokeshwara and a large praying wheel. The Southern hall is dominated by a large image of Arya Tara, Manjushree, and Sabtalochan Tara. The walls are also decorated with numerous ancient Buddhist murals and within the hall are numerous volumes of religious scriptures.