According to legend, the monastery was founded at the end of the 10th century by Saint John of Rila (876-946). Saint John lived in a cave near the current monastery, while the monastery itself was built by his disciples who came to the mountains to continue their studies.

The monastery's Katholikon (Main Church) was built in the mid-19th century (architect Pavel Yoanov) on the site of a small church from 1343. The church is crowned with 5 domes, has three altars and two side chapels.