The churning of the ocean for nectar (amṛtamanthana) is one of the most well-known Hindu myths. This article analyses the role of the devī Śrī-Lakṣmī, symbolic of royal splendor and fortune, in Purāṇic versions of the myth. It is shown that the notion that Śrī-Lakṣmī was born from the churned ocean, and that she was united with Viṣṇu immediately after, developed gradually over time. Particular attention is given to versions of the myth in which Śrī-Lakṣmī is presented as the bride in a svayaṃvara (kṣatriya maiden’s self-choice of husband), at which she chooses Viṣṇu. It is argued that this should be seen in the context of ancient Indian religious ruler ideology, according to which Śrī-Lakṣmī attaches herself to the most worthy male. In most versions of the myth Indra and Viṣṇu represent contrasting types of sovereignty: Viṣṇu the constant and detached ruler; Indra the temporary ruler, who loses his śrī due to bad behavior and then regains it through the process and consequences of amṛtamanthana. The inferiority of Indra is seen in his dependence on Viṣṇu’s assistance and in the unanimous notion that it is Viṣṇu who unites with Śrī-Lakṣmī.