It is believed to be the day when the famous 12 Jyotirlings of India had emerged.
On this particular day, devotees keep fast and pray to Lord Shiva.
A grand fair is held at Junagad situated in the foot hills of Girnar mountain ranges in Gujarat.
Lord Shiva is a great devotee and meditates uninterrupedetly on divine image of God. He is an ascetic of high order and a renunciate. Lord Swaminarayan likes these qualities in him and has accepted him amongst the five worshipable dieties. He has even established Siddheshwar Mahadev in Junagadh temple.

CAUTION:

Devotees of God should never indulge in consumption of Bhang, Dhatura, liquor and non vegeterian food even on holy day like Shivratri. There is no need to intake these things. None of the Semi gods like it and there is no such ritual. So we should engage in Bhajan-Bhakti, observe fast and make God happy.