This huge dagoba was the first built by King Dutugemunu after he recaptured the city in the 2nd century BC. The story goes that Dutugemunu went to bathe in the tank, leaving his ornate sceptre implanted in the bank. When he emerged he found his sceptre, which contained a relic of the Buddha, impossible to pull out. Taking this as an auspicious sign, he had the dagoba built.
Mirisavatiya Dagoba is one of three interesting sites (along with the Isurumuniya Vihara and Royal Pleasure Gardens) that can be visited in a stroll or bike ride along the banks of the Tissa Wewa.