Ratnagiri in the Birupa river valley in the district of Jajpur, is another famous Buddhist centre. The small hill near the village of the same name has rich Buddhist antiquities. A large-scale excavation has unearthed two large monasteries, a big stupa, Buddhist shrines, sculptures, and a large number of votive stupas. This excavation revealed the establishment of this Buddhist centre at least from the time of the Gupta king Narasimha Gupta Baladitya (first half of the sixth century A.D.). Buddhism had developed at this place - unhindered upto the 12th century A.D.
In the beginning, this was an important centre of Mahayana form of Buddhism. During the 8th-9th century A.D., this became a great centre of Tantric Buddhism or Vajrayana art and philosophy. Pag Sam Jon Zang, a Tibetan source, indicates that the institution at Ratnagiri played a significant role in the emergence of Kalachakratantra during the 10th century A.D. This is quite evident from the numerous votive stupas with reliefs of divinities of the Vajrayana pantheon. Separate images of these divinities and inscribed stone slabs, and moulded terracotta plaques with dharanis found in the excavation at Ratnagiri.
Presently this university of Buddhist learning is found in ruins that attract a number of visitors every year. For lovers of art and architecture, lay tourists as well as special groups, Ratnagiri offers in its magnificent ruins, a large brick monastery with beautiful doorways, cella, sanctum with a colossal Buddha figure, and a large number of Buddhist sculptures. There is a smaller monastery at the place along with a stone temple, brick shrines and a large stupa with numerous smaller stupas around.