The monument lies to the NW of Astros, in the area of ancient Thyreatis, which is full of antiquities. It was probably built on the site of an Early Christian church of the 5th century A.D. The catholicon is a domed church of the composite four columned, cross-in-square type. It is decorated with fine wall paintings and its floor is paved with coloured marble slabs. The wall masonry imitates a careless "cloisonne", and includes ancient architectural parts and brick ornaments. The iconostasis (chancel barrier) is decorated with portable icons dated to the 17th century.

The first literary reference to the monastery is in the "Geographica" of Meletios, the Metropolitan Bishop of Athens in 1690. The English traveller J. Leake visited the monastery in 1805.

Regarding the name "Loukou", several theories have appeared:

the monastery was dedicated to St. Lucia,

it was due to the ancient cult of Hera (Juno Lucina),

it was named Lykou after the wolves (lykoi) living in the area,

the monastery was dedicated to St. Luke,

it was related to the "Lucus Feroniae" (woods of prey) in which the Villa of Herodes Atticus was located.