Kadhayattam was a presentation enacted by Mohanlal, performing ten classic characters and situations from Malayalam literature, selected from ten Malayalam novels written by O. Chandu Menon, C. V. Raman Pillai, S. K. Pottekkatt, Thakazhi Sivasankara Pillai, P. Kesavadev, Vaikom Muhammad Basheer, Uroob, O. V. Vijayan, M. Mukundan, and M. T. Vasudevan Nair over a 100-year period. The play, directed by T. K. Rajeev Kumar premiered at the Senate Hall of University of Kerala on 1 November 2003, and later was staged in Kozhikode, Bangalore, Chennai and Delhi. In 2008, Mohanlal along with Mukesh performed in Chayamukhi, written and directed by Prasanth Narayanan. Mohanlal and Mukesh portrayed Bheeman and Keechakan respectively, the characters from Mahabharata. It had a play within a play narrative style. It premiered at the Lulu International Convention Centre in Thrissur on 12 March 2008, and later was staged in Thiruvananthapuram, Bangalore, Kollam, Kochi, and Kozhikode. A critic from The Hindu wrote: "Chayamukhi is, arguably, the finest work on Malayalam stage in recent times". In the same year, Mohanlal voiced Hanuman in the English ballet Maya Ravan, directed by Shobana.
In 2003, on the 25th anniversary of Mohanlal's film career, a week-long celebration and a stage show were held in Thiruvananthapuram, by his fans and friends. The proceeds from the stage show were donated to charity. Malayalam television channels Asianet and Surya TV also held separate stage shows to celebrate the anniversary.