The Buddhavanam is at the foothill of Kailasagiri in Visakhapatnam. It was inaugurated by Panchayat Raj Minister Ch Ayyanna Patrudu and HRD Minister Ganta Srinivasa Rao on 12 January 2016. Buddhavanam was inaugurated along with VUDA's Health Arena. Buddhavanam was developed at a cost of Rs. 34 lakhs.

Developed as a tourist attraction, Buddhavanam has an eight-minute laser show which traces how Buddhism flourished in Andhra Pradesh, launching of Buddha Poornima project at Hyderabad during the tenure of late NTR, development of Thotlakonda, Bavikonda and other Buddhist sites by VUDA.

A 31-foot Buddha statue is raised on a 3-foot pedestal at the Buddhavanam. The statue made of concrete has a Plaster of Paris coating and the head is made of fibre. It has a backdrop 35-foot wide with chakras and a five-foot diameter half-chakra on the top. Beyond it, 42 granite carvings and Amaravati-type sculptures are present. The statue has on either side four pillars on the lines of Sankaram, a Buddhist site in Visakhapatnam.