Nagarjuna is usually called the 'Founder' of the Mahayana system. Some claimed that he was only its principal expounder. Some look upon Asvaghosha, the probable master of Nagarjuna as the founder of the Mahayana doctrine. Others still believe that Nagarjun founded the Madhyamika School and was the first to teach the Amitabha doctrine.

Nagarjun was born in Southern India around the end of the second century A.D. His parents were of the Brahman caste. At his birth, it was predicted that he would only live seven days. Considering the act of merit performed by his parents. The god delayed his death until seven weeks and then seven months and finally seven years. Before the seven years were up, he was sent to Nalanda where he learned to adore Amitayus, god of long life, and succeeded to propitiate the god and lived three thousand years on earth.

Nagarjuna was the greatest Buddhist philosopher and mastered all the sciences, & especially Magic Art. He is said to have acquired Siddhi by which magic power he obtained the Rainbow Body and was thus able to become invisible at will and transport himself from one place to another by supernatural power. Different Buddhists claim Nagarjuna about his rank as a disciple of the Buddha.

According to Buddhist texts, Sakyamuni predicated the rebirth of his disciple Ananda under the name of Nagarjuna founder of the Mahayana System.

Some believed that Nagarjuna received the doctrine directly from Vajrasatwa. Some believed that he received the treatise from the serpent gods, the Nagas to whom Gautam Buddha had given the treatise until such time as the world should become sufficiently enlightened to understand its transcendent wisdom.

Nagarjun was deified and enrolled among the Northern Buddhists divinities. He has a halo on which are seven snakes. If painted, the middle one is yellow and the others grey. He is represented like a Buddha. He wears monastic garments. He has no symbols. His hands are in dharma chakra mudra. If painted, he is white.