Foremost is the legend of Prahlad and Hiranyakshyap. The legend says there once lived a devil and powerful king, Hiranyakshyap who considered himself a god and wanted everybody to worship him. To his great ire, his son, Prahlad began to worship, Lord Vishnu. To get rid of his son, Hiranyakshyap asked his sister, Holika to enter a blazing fire with Prahlad in her lap, as she had a boon to enter fire unscathed. legend has it that Prahlad was saved for his extreme devotion for the lord while Holika paid a price for her sinister desire. The tradition of burning Holika or the 'Holika dahan' comes mainly from this legend.
holi also celebrates the legend of Radha and krishna which describes the extreme delight, krishna took in applying colour on Radha and other gopis. This prank of krishna later, became a trend and a part of the holi festivities.