TThe Crater was formed fifty-two thousand years ago,when a meteor crashed into the earth at an estimated speed of 90,000 kmph, weighing 2 million tones. The Lonar Crater is the only crater in Basaltic rock formed by a meteorite impact in India ranking the 3rd biggest in the world. United states Geographic Survey in America and the Geological Society of India, Physical Research Laboratory of India have done a lot of research on this lake.  Lonar ranks amongst the world’s five largest craters. Lonar Lake, which was created by a meteor hitting the Earth during the Pleistocene epoch, is a saltwater lake at Lonar in Buldana district. Lonar Lake has a mean diameter of 1.2 kilometres (3,900 ft) and is about 137 metres (449 ft) below the crater rim. The meteor crater rim is about 1.8 kilometres (5,900 ft) in diameter. The circular depression bears a saline water lake in its central portion. 

Gomukh Temple, is located along the rim of the crater and there are some more temples of archaeological importance are located near the sanctuary.