Lakshmi is the Hindu goddess of wealth, prosperity (both material and spiritual), fortune, and the embodiment of beauty. She is the consort of the god Vishnu. Also called Mahalakshmi, she is said to bring good luck and is believed to protect her devotees from all kinds of misery and money-related sorrows. Representations of Lakshmi are also found in Jain monuments.
Lakshmi is called Shri or Thirumagal because she is endowed with six auspicious and divine qualities, or Gunas, and also because she is the source of strength even to Vishnu. When Vishnu incarnated on earth as avatars Rama and Krishna, Lakshmi incarnated as his consort. Sita (Rama’s wife), Radha (Krishna’s lover) and Rukmini and the other wives of Krishna are considered forms of Lakshmi.
Lakshmi is worshipped daily in Hindu homes and commercial establishments as the goddess of wealth. She also enjoys worship as the consort of Vishnu in many temples. The festivals of Diwali and Kojagiri Purnima are celebrated in her honour.
In Hinduism, Devas (gods) and asuras (demons) were both mortal at one time. Amrit, the divine nectar that would grant immortality, could be obtained only by churning the Kshirsagar (Ocean of Milk). The devas and asuras both sought immortality and decided to churn the Kshirsagar. With the devas on one side and the asuras on the other, the samudra manthan commenced. Vishnu incarnated as Kurma, the tortoise, on whom was placed a mountain as a churning pole; Vasuki, the great venom-spewing serpent, was wrapped around it and used to churn the ocean. A host of divine celestial objects came up during the churning. Among these, was the goddess Lakshmi, the daughter of the king of the milky ocean(Varuna).Some tells daughter of Kuber.The last to come up was the amrita. With this, the avatar of Kurma, the tortoise, ended. Vishnu then took up the form of a beautiful maiden to distract the asuras and gave immortality to the devas.In mahalaxmi story she is shakti roopa of parabrahma or adi dev narayan.
Mahalakshmi has always existed. Her appearance from samudra manthan is her main manifestation only. Mahalakshmi was also born to the great sage Bhrigu, and she is therefore also called Bhargavi. Mahalakshmi is also the sister of the great guru Sukracharya as well as the great planet Chandra. Each time Vishnu descends on earth as an avatar, He is accompanied by an avatar of Lakshmi.
The moon (chandra) also appeared from the ocean during the churning, making it her brother. Alakshmi, the goddess of misfortune, is Lakshmi’s elder sister. According to the Vishnu Purana, Lakshmi is the daughter of Bhrigu and Khyaati and resided in Swarga, but, due to the curse of Durvasa, she left Swarga and made Ksheersagara her home.
Lakshmi has many names. She is known to be very closely associated with the lotus, and her many epithets are connected to the flower, such as:
Padma: lotus dweller
Kamala: lotus dweller
Padmapriya: One who likes lotuses
Padmamaladhara devi: One who wears a garland of lotuses
Padmamukhi: One whose face is as beautiful as a lotus
Padmakshi: One whose eyes are as beautiful as a lotus
Padmahasta: One who holds a lotus
Padmasundari: One who is as beautiful as a lotus
Her other names include:
Vishnupriya: One who is the beloved of Vishnu
Ulkavahini: One who rides an owl
Her other names include: Manushri, Chakrika , Kamalika , Aishwarya , Lalima , Kalyani , Nandika , Rujula , Vaishnavi , Samruddhi , Narayani , Bhargavi , Sridevi , Chanchala , Jalaja , Madhavi , Sujata , Shreya . She is also referred to as Jaganmaatha (“Mother of the Universe”) in Shri Mahalakshmi Ashtakam. Rama and Indira are popular.
Sources : wikipedia & different online websites.