Vaisravana is also one of the four great kings who rules the first heaven of the desire realm in the north. Vaisravana is the lord of Yakshas. Some regard him as also the lord of wealth who gives blessings for prosperity. Vaisravana rules over the city north of Sumeru mountain, supremely beautiful, adorned with precious jewels. It is said that his city is as beautiful as Sukhavati heaven in the west. Vaisravana has five princes and has 28 messengers under his command. They are his retinue.

Like the three other kings, he was also instructed by Buddha Shakyamuni to protect the Buddha dharma in Jambudvipa in the northern direction.

In Nepalese Buddhist tradition Vaisravana or kubera is worshipped singly and is very popular. Newar Buddhists women make the image of Vaishravan out of rice flour during Yomari-Punhi festival (December–January). It is also customary to keep an image of Vaishravan in the treasury room or inside the treasure box.

The worshipping of four guardian deities was introduced in China by Pandit Amogh Vajra during the eight century.