The monastery was founded in the 14th century by the monk Dionysius and it is situated on the southwest side of Mount Athos. It is built on a steep cliff and looks like a castle.
It consists of 14 chapels and it is fifth in hierarchy. The most important chapel is the chapel of Panagia of Akathistos where the holy picture of Panagia of Akathistos is kept. It is work of the Evangelist Loukas and it is made of wax and gum. The church is impressive, it dates back to 1547 and its frescoes are representations of Revelation. Also, the monastery includes a valuable library with remarkable works.