Kanakakunnu Palace was built by Sri Moolam Thirunal, the Travancore king, in the late 19th century as a royal guest house and recreational space. It hosted numerous royal banquets and ceremonies. Later, it served as the venue for the first All India Women's Conference in 1927. Post-independence, the palace and grounds were handed over to the government and are now managed by the Kerala Tourism Department. Today, the palace is mainly used for cultural programs, exhibitions, and festivals, while the grounds remain a popular recreational spot for locals and tourists.