Shakyamuni Buddha is a name given to the historical Buddha, also known as Gautama Buddha, who lived from 566 to 485 BCE in central north India. So it's nearly always the case that when someone is talking about Shakyamuni, he or she is speaking of the historical figure who was born Siddhartha Gautama but then became known as Shakyamuni only after he became the Buddha. The word Shakyamuni mean the sage of the Shakya. Buddha is called Shakyamuni because he belonged to the Shakya clan. This clan ruled over the republic of Kapilavastu. This name has been specifically coined to distinguish the historical Buddha from the general meaning of the word "Buddha" which means ‘one who woke up’ and in Buddhist doctrine, any such enlightened individual is technically a Buddha.

The image is identified by the inscription on its pedestal as Shakyasimha, the historical Buddha. The Buddha is seated on a double lotus pedestal. In his right hand he is holding a pot and his left hand is in bhumisparsha mudra, or the earth-touching pose, suggesting the time of the attack of Mara, the temptress. He touched the earth as he called upon the earth goddess to testify to his austerities and meditation. The vajra or thunderbolt identifying the Vajrayana sect, is placed in the front. He is clad in a plain monastic robe or the sanghati. His eyes show marks of being inlaid, the result of the Kashmir and eastern Indian influence.

An interesting and unusual feature is his halo or the prabha which has representation of nine goddesses in nine medallions. All of them have four arms the attributes of which are not very clear. Most of them have fierce faces. Since no iconographical text connects Shakyasimha with the Matrikas or any other female deity, it is difficult to identify them. Though their fierceness would tempt one to identify these as forms of Mara it is difficult to interpret it till any conclusive evidence is available. An inscription on the rear side of the pedestal reads:
Greeting to Shakysimha and others. On Wednesday, Uttarabhadra nakshatra, 12th day of the dark half of the Chaitra month of the auspicious year of (N.S.) 915 Dhanadatasiha (Sk. Dhanadatta Simha) of Maduvahi (in Kathmandu) made this image and consecrated it. May it be auspicious.

Images of western Tibet of 11-12 century bear the influence of Kashmir. The Buddhist monk Rinchen Sangpo (958-1055 CE) visited the University of Vikr?mas?la and returned with several Kashmiri artists who influenced the art of Tibet giving rise to a new style of which the present image is an excellent example.

Buddha did not propagate idol worship. However, after his death the faith split into the Hinayana and the Mahayana sects. It was under the latter sect that sculptors began to carve images of Buddha and within a few generations all Buddhist sects took to worshipping images. This perhaps points to the spiritual need of the worshippers to have an image of the god before them to focus on while praying.