Shree Panchami marks the beginning of the spring season as such is also called the Basanta Panchami. Shree means beauty and charm. And the earth is covered with the carpet of beautiful flowers and the atmosphere is filled with the melodious song of the birds during the spring season. So during the spring season the earth really bears a charming look, so the day is celebrated as Shree Panchami. “Shree” also denotes to wealth and prosperity but interestingly the worship of Goddess of learning is observed on the day of Shree Panchami. It signifies that learning is the most precious wealth for human beings. Without this eternal wealth, a man is not complete in himself whatever amount of material prosperity he may possess. Therefore, the Goddess of learning is also called as shree. The worship of Goddess Saraswati as the goddess of learning is observed on this day which falls in the 5th day of the bright fortnight in the month of Magha generally corresponding to the last part of the English month January and first week of  February.

The worship of  Saraswati as the goddess of learning is very ancient. Vedic Aryans used to compose verses or hymns of Vedas on the bank of the river Saraswati. This might have prompted the Aryan saints to refer Saraswati, the river which served as a source of inspiration for the their intellectual progress. Later on, the worship became traditional and ritualistic. Besides, her human form was conceived and images were built. Traditionally, the Goddess is presented in the form of image with a calm and beautiful appearance cladding white cloth holding a Veena and books (Pustak) and having a swan besides her or sometimes riding on it. Her vehicle swan certainly indicates to rivers or lakes as her abode. She is revered as the goddess of all branches of learning including music.

In Orissa Goddess Saraswati is worshiped in great devotion and love especially among the students mass. In order to get blessing from the Goddess the students observe fasting on this day of Shree Panchami. All the educational institution of the state observe Shree Panchami by worshiping the goddess of  learning by installing her images after offering Puspanjali. The students and teachers break their fast and take part in the community feast, generally organized on this occasion in the schools and colleges. The day of Shree Panchami is considered to be the most auspicious one. On this day pious activities and new projects are initiated by the people of Odisha.

On this day people of Odisha begins the construction of their houses or performs necessary rituals for entering to the newly constructed houses (Gruha Prabesh). Again on this day kids are initiated for the beginning of their educational career. This is known as Khadi Chhuan or touching the pen which symbolizes the beginning of writing. Although the construction of chariots (Ratha) of Lord Jagannath, Balabhadra and Devi Subhadra begins on the day of Akhaya Trutiya, but the logs used in the constructions are ceremonially honoured and worshipped on the day of Shree Panchami.