The monastery is situated at the foot of Beliakovski skali (rocks of Belyakovo), on the left side of the Yantra river. It is one of the remarkable Bulgarian architectural monuments and is located 7 km north of Veliko Tarnovo.

It was founded in the 14th century with the financial support of Tsar Ivan Alexander. When Bulgaria fell under Turkish yoke, the monastery was burnt to ashes. In 1825 it was restored in its current location. Construction of the monastery church began in 1834 and it was completed by Master Kolyo Ficheto. The famous iconographer Zahari Zograf had painted the church for 3 years.

The "Day of Judgement" mural painting covers the whole eastern wall of the church porch and is one of the masterpieces of the Bulgarian national revival arts. The mural paintings of Uspenie Bogorodichno (the Holy Mother), Rojdestvo Bogorodichno (Virgin Mary's Birth), and the Last super are also unique wall paintings.

Today, the monastery is functional, and few monks reside there. The monastery keeps relics of Bulgarian history and culture.