Ratnagiri or the hill of jewels (Lat. 200 38’ N; Long. 860 20’ E) in the district of Jajpur is situated on an isolated hill of Assia range. It is 100 km away from Bhubaneswar, the state capital through NH-5 and forms the Buddhist diamond triangle comprising two other sites namely Lalitgiri and Udayagiri. The ancient Buddhist remains are situated atop a flat hillock sandwitched between the rivers Brahmani and Birupa.
Excavation of this site brought to light the remains of a magnificent Buddhist establishment consisting of a stupa, monastic complex, shrines, votive stupas, myriad of sculptures, architectural fragments and other antiquities hitherto unparalleled in Orissa and aptly comparable to the well known Buddhist site of Nalanda. On the basis of the sealings bearing the legend “Sri Ratnagiri Mahavihariya Arya Bhikshu Sanghasa” the place has been identified as Ratnagiri.