It was founded in the early of 11th century. In the 13th century, the monastery was destroyed and reconstructed by Andronicus II Palaeologus and some Serbian rulers. The monks are Greek and some Russians. It is dedicated to the memory of Saint Panteleimon.
In the monastery, the most important relics are the icons of “Mary Ierosilimitida”, the Baptist, Saint Panteleimon and the mosaic of Alexander Nefsky. Also there are several icons, relics and chasubles. In its library, there are over 1320 Greek and 600 Slav manuscripts and 20,000 Greek and Russian books.