The Dome of the Rock, being among a complex of buildings on the Temple Mount (the other principal building being the Al-Aqsa Mosque), is one of the holiest sites in Islam, following Mecca and Medina. Its significance stems from the religious beliefs regarding the rock at its heart. According to Islamic tradition, the rock is the spot from where Muhammad ascended to Heaven accompanied by the angel Gabriel.

The Foundation Stone is the holiest site in Judaism. Just as Muslims pray towards the Kaaba at Mecca, the holiest site in Islam, Jews pray towards the Foundation Stone. Jews have traditionally regarded the location of the stone as the holiest spot on Earth, the site of the Holy of Holies during the Temple Period.

The most propitious site for Jewish prayer is the spot that is nearest the Foundation Stone. Because Muslim authorities refused to permit Jewish prayer on the Temple Mount, the custom developed of praying near the Western Wall, since it was the site nearest to the Foundation Stone, or on the Mount of Olives facing the site of the Temple. Between 1948 and 1967, when Jordanian authorities refused permission to Jews to enter the Old City of Jerusalem, Jews made pilgrimages to rooftops on Mount Zion and prayed towards the site of the ancient Holy of Holies.

According to Jewish tradition, the stone is the site where Abraham prepared to sacrifice his son Isaac.