1. Birth

According to a story from Bhagavata Purana, Hiranyakashipu and Hiranyaksha are Vishnu's gatekeepers Jaya and Vijaya, born on earth as the result of a curse from the Four Kumaras. In Satya Yuga, Hiranyakashipu and Hiranyaksha - together called the Hiranyas - were born to Diti (daughter of Daksha Prajapathi) and the sage Kashyapa. It is said that asuras were born to them as a result of their union at the time of dusk, which was said to be an inauspicious time for such a deed.^[1]

2. Penance

After Hiranyakashipu's younger Brother Hiranyaksha's death at the hands of the Varaha avatar of Vishnu, Hiranyakashipu comes to hate Vishnu. He decides to kill him by gaining mystical powers, which he believes Brahma, the chief among the devas, will award to him if he undergoes many years of great austerity and penance, just as Brahma awarded powers to other Rakshasas.

This initially seemed to work as planned, with Brahma becoming pleased by Hiranyakashipu's austerities.^[2] Brahma appears before Hiranyakashipu and offers him a boon of his choice. But when Hiranyakashipu asks for immortality, Brahma refuses. Hiranyakashipu then makes the following request:

O my lord, O best of the givers of benediction, if you will kindly grant me the benediction I desire, please let me not meet death from any of the living entities created by you.

Grant me that I not die within any residence or outside any residence, during the daytime or at night, nor on the ground or in the sky. Grant me that my death not be brought by any being other than those created by you, nor by any weapon, nor by any human being or animal.

Grant me that I not meet death from any entity, living or nonliving. Grant me, further, that I not be killed by any demigod or demon or by any great snake from the lower planets. Since no one can kill you in the battlefield, you have no competitor. Therefore, grant me the benediction that I too may have no rival. Give me sole lordship over all the living entities and presiding deities, and give me all the glories obtained by that position. Furthermore, give me all the mystic powers attained by long austerities and the practice of yoga, for these cannot be lost at any time.^[3]

In other Puranas, many variations of the boon are given. The Shiva Purana mentions that Hiranyakashipu asked Brahma that he would be invulnerable to dry or wet weapons, thunderbolts, mountains, trees, missiles or any form of weapon. The Vayu Purana mentions that Hiranyakashipu asked to be so powerful, only Vishnu would slay him. Other variations include not being slain by any living being, not at daytime or nighttime and not above or below.

In section 14, the Anusasana Parva of the Mahabharata, the Sage Upamanyu briefly mentioned to Krishna that Hiranyakashipu also performed another penance to please Lord Shiva. Shiva granted Hiranyakashipu the boon that he would have unrivalled combat prowess, exceeding skill in the use of bow and other weapons as well as the powers of all the gods, including Indra, Yama, Kubera, Sūrya, Agni, Vayu, Soma and Varuna.

In consequence of these two boons, Hiranyakashipu become so mighty that he was able to shake the very Himalayas down to their roots. Ravana once tried to lift Hiranyakashipu's earrings but he was unable to do so because they were very heavy.

The Brahmanda Purana mentions that Hiranyakashipu ruled for 107,280,000 years.

3. Prahlada and Narasimha

Hiranyakashipu wielding a mace against Narasimha. https://handwiki.org/wiki/index.php?curid=1235753

Whilst Hiranyakashipu is performing the penance to be granted this boon, Indra and the other devas attack his home,^[4] seizing the opportunity in his absence. At this point the divine sage Narada intervenes to protect Hiranyakashipu's wife Kayadhu,^[5] whom he describes as 'sinless'.^[6] Narada takes Kayadhu into his care, and while she is under his guidance, her unborn child (Hiranyakashipu's son) Prahlada becomes affected by the transcendental instructions of the sage even in the womb. Later, growing as a child, Prahlada begins to show symptoms of Narada's prenatal training and gradually becomes recognised as a devoted follower of Vishnu, much to his father's disappointment.^[7]

Hiranyakashipu eventually becomes so angry and upset at his son's devotion to Vishnu (whom he sees as his mortal enemy) that he decides he must kill him^[8] but each time he attempts to kill the boy, Prahlada is protected by Vishnu's mystical power. When asked, Prahlada refuses to acknowledge his father as the supreme lord of the universe and claims that Vishnu is all-pervading and omnipresent. To which Hiranyakashipu points to a nearby pillar and asks if 'his Vishnu' is in it:

"O most unfortunate Prahlada, you have always described a supreme being other than me, a supreme being who is above everything, who is the controller of everyone, and who is all-pervading. But where is He? If He is everywhere, then why is He not present before me in this pillar?"^[9]

Vishnu as Narasimha kills Hiranyakashipu, stone sculpture from Halebidu, Karnataka. https://handwiki.org/wiki/index.php?curid=1281445

Prahlada then answers, He was, He is and He will be. (In an alternate version of the story, Prahlada answers He is in pillars, and he is in the least twig.) Hiranyakashipu, unable to control his anger, smashes the pillar with his mace. A tumultuous sound is heard, and Vishnu in the form of Narasimha appears from the broken pillar and moves to attack Hiranyakashipu in defence of Prahlada.

Vishnu has chosen here to appear in the form of Narasimha in order to be able to kill Hiranyakashipu without violating the boon given by Brahma. Hiranyakashipu cannot be killed by human, deva or animal, but Narasimha is none of these, as he is a form of Vishnu (a deva) incarnate as part human, part animal. He comes upon Hiranyakashipu at twilight (when it is neither day nor night) on the threshold of a courtyard (neither indoors nor out), and puts the demon on his thighs (neither earth nor space). Using his nails (neither animate nor inanimate) as weapons, he disembowels and kills the demon.^[10]

Even after Hiranyakashipu's death, none of the gods and demigods present are able to calm Narasimha's fury, not even Shiva. So all the gods and goddesses call His consort, the goddess Lakshmi, but she is also unable to do so. Then, at the request of Brahma, Prahlada is presented to Narasimha, who is finally calmed by the prayers of his devotee.^[11]

4. Holi

One of Hiranyakashipu's attempts to kill Prahlada was to have him sit on a burning pyre with his sister Holika. Holika had a special gift that prevented her from being harmed by fire. Prahlada chanted Vishnu's name and in the battle of good against evil, Holika was burnt down but nothing happened to Prahlad. The burning of Holika is celebrated in Hinduism as the festival of Holi.^[12][13]