It was named after the builder of the temple, King Htilominlo in 13th century. He went with three names; Htilominlo and Zeyatheinkha are usually mentioned in the chronicles and Nadaungmya in the inscribed stones.
According to the chronicles, he built this temple at the very place where he was chosen as the crown prince out of five sons of King Narapatisithu. The five princess ranged around the white umbrella which was made to incline towards the refined prince, Nadaungmya, who was the youngest son. Upon chosen by the Hti (white umbrell), all four brothers and the king unanimously agreed to make him the crown prince, thus being named Htilominlo, meaning "favored by the king and the white umbrella as well".
The temple is one of the Bagan monuments decorated with the finest plaster carvings. Portions of the carvings still remain undamaged on the arch pediments, freize and plasters, but the mural paintings can now be seen on the ceiling only.