The ancient temple of Shri Bhairav was constructed by Gujar family members who were known as brave warriors like Chauhan, Rajput, Parmar and Rathod families from Rajashthan. During the attack by Mughals these families shifted towards the southern part of India. Out of these Gujar and Aangre settled down near to the west coast of India. After the death of Chhatrapati Shivaji, Sambhaji Maharaj (Son of Ch. Shivaji Maharaj) and Kanoji Angre s son Sekhoji (Sakharam) visited Ratnagiri fort and constructed a temple of Goddess Bhagawati. Five Gujar families settled down at Ratnagiri for their business and they had constructed the temple of God Bhairav and Lord Vitthal at Ratnagiri. This is being still proved by a printed copper plate at Lord Vitthal Temple at Ratnagiri. There is a home of Shri Kakasaheb Gujar in the premises of Shri Bhairav Temple.
Later the Sawant family members from Zadgaon became the administrators (Khot) of Ratnagiri who also happened to be devotes of God Bhairav. During their rule many festivals were organized in the Bhairav temple. In the year 1976, there was an authorized Trust named Shri Dev Bhairav, Jogeshwari, Navalai-Pawanai, Trunabindukeshwar Trust was formed which looked after the temple.