Sarnath as this place is popularly known as, the word Sarnath is supposedly derived from the word Saranganatha, or Lord of the Deer, from the Buddhist story of how Bodhisattva who born as a deer offers his life to a king instead of the doe whom the king was planning to kill. The king is so moved that he creates the park as a sanctuary for deer. There is still a deer park here. The Sarnath Archaeological Museum is worth a visit.
Folks visiting Varanasi can take a day out to travel to Sarnath. It is a pretty peaceful place so staying for a day here is also an option to think about....