There are a total of 12 Kalashtami in a year and the Ashtami Tithi (8th day) after Purnima (full moon) is considered to be the best day to worship Lord Bhairava. It is observed on every Hindu lunar month during Ashtami Tithi of Krishna Paksha (8th day during the waning phase of moon.

Hindu devotees, who follow Lord Bhairava, worship and keep a fast on the days that are marked for him. Kalashtami is also considered to have more value if it falls on a Sunday or Tuesday, which are dedicated to Lord Bhairava and who is said to be a fearsome and wrathful manifestation of Lord Shiva.

Kalashtami is quite significant for Hindus as it is believed that worshipping Kalbhairav on this day leads to success and financial stability. It is also said that lord Bhairav prevents his devotees from negative emotions like anger, lust and greed.