It is generally assumed that it was built in the memory of Bhimdev I (A.D. 1022 to 1063) son of Mularaja, the founder of the Solanki dynasty of Anahilwada Pattan in about 1050 A.D. by his widowed queen Udayamati.
It was one of the largest and the most sumptuous structures of its type. It became silted up and much of it is not visible now, except for some rows of sculptured panels in the circular part of the well. Among its ruins one pillar still stands which is the proof not only of the elegance of its design, but also excellent example of this period. A part only of the west well is extant from which it appears that the wall had been built of brick and faced with stone. From this wall project vertical bracket in pairs, this supported the different galleries of the well shaft proper. This bracketing is arranged in tires and is richly carved. There is also a small Gate below the last step of the step well which is having a 30 kilometer tunnel built (Now its has been blocked by stones and mud) which leads to the town of sidhpur near patan. It was used as an escape gateway for king who built the step well in the times of defeat.
Around 50-60 years back there used to be ayurvedic plants around this areas which causes the water accumulated in Rani ni vav helpful for viral disease, fever etc.
The patola saree is one of the finest hand-woven sarees produced today. This is a specialty of Patan, and is famous for extremely delicate patterns woven with great precision and clarity. A patola sari takes 4 to 6 months to make, depending on how complicated the designs is and if the length is 5 or 6 metres.
Patan is also a tourist destination with a rich religious and cultural history and landmarks. Patan has numerous Hindu and Jain temples as well as Muslim mosques.
There are many Toursist Attractions including Forts, Vavs (Step Wells), Talavs(Lakes) and places of worships.
The Only Remain of Old City of Patan in the form of a very small portion of Old Fort near Kalka on the outskiets of the New City is of historical and archeological importance. So is the case with the remains of the walls of new fort and the Darwajas (Gates) of the new fort which are fast disappearing. Unfortunately Administration as well as a Majority of local People show little interest in preserving these heritage places which are shrinking at a rapid pace. Fortunately the inner fort of Bhadra with its Darwajas (Gates) is preserved well. However, with the transfer of all Government and Administrative machinery from Bhadra how long it will be preserved is unclear.
Step wells include Rani-ki-Vav and Trikam Barot ni Vav. Lakes include historically and acrheologically important Sahstraling Sarovar, Anand Sarovar (Khan Sarovar) and now revamped Gungadi Sarovar. There are many a Religious places of significance on religious, historical or architerctural grounds. These include Old Kalka Mandir, Panchmukhi Hanuman, Jasma Odan ni Deri, Old Mahalaxmi Mandir, Hingaraj Mandir, Panchasar Derasar and Sheikh Farid no Rojo.
Salvivad, a Place where Patolas are woven along with places where traditional Clay Toys are made are also worth visiting. Many annual religious fairs also act as tourist destination.