Satya means "truth" and Narayana means "The highest being" so Satyanarayan means "The highest being who is an embodiment of Truth". This puja is first mentioned in Skanda Purana, Reva Kanda by Suta Puranik to the rishis in Naimisharanya. The details are part of the Katha/"Story" that is usually read along with the puja. This puja is usually performed on the Purnima day of every month. It is also performed on special occasions and during times of achievement as an offering of gratitude to the Lord. 

 At first, Sankalp is taken in the name of the devotee. then invoking Lord Satyanarayan is done along with the mantra and prayers by the pujari. Then the Satyanarayan puja starts by offering a prayer to Lord Ganesh to remove all the obstacles during the puja. Names of Lord Satyanarayan are chanted and things like fruits, and sweets are offered. This puja is the story of Satyanarayan, which is to be heard by all devotees taking part in this puja. At last, the Arti is done by the pujariji and prasad is distributed to the devotees. Blessings of Lord Satynarayn are taken by the Devotees.