It was created on the occasion of the 2500th anniversary of Gautama Buddha's enlightenment. A sapling of the Bodhi Tree in Sri Lanka was planted here by the then Prime Minister of India Shri.Lal Bahadur Shastri on 25 October 1964
On an artificial island in the park stands pavilion with a gilded Buddha statue in it. It was dedicated by the 14th Dalai Lama in October 1993.
Each year in May on Vesak Full moon day the Buddha Jayanti festival is celebrated here.