Devasthal observatory, established over a time span of ~ 5 decades, is located in central Himalayan region of Devabhumi in Nainital district of Uttarakhand state, India. Operated and maintained by the Aryabhatta Research Institute of observational sciencES (ARIES), it's location was selected after an extensive site survey. The first measurements of atmospheric seeing and extinctions at Devasthal were carried out during 1997--2001. Since 2010, three optical telescopes of 1.3-m, 3.6-m and 4-m apertures have been successfully installed at Devasthal. Optical and near-infrared observations taken with these telescopes testify to the global competitiveness of Devasthal observatory for astronomical observations. The article chronicles the collaboration with the Tata Institute of Fundamental Research, beginning around 1996, for the purpose of establishing the observatory. A brief overview of the main science results obtained so far, using these facilities, is also presented.