The monastery is situated between the monasteries of Great Lavra and Iviron, on a slope by the sea and is dedicated to St Peter and St Paul. Inside the fortified enclosure, there is the Katholikon of athonite type, built in mid 16th c. and decorated with frescoes in the early 18th c. The monastery has 7 chapels, 4 Kellia in Karyes, and 14 Kellia in the forest to the S.W. of it.

The monastery is mentioned in documents of 1018 and 1087. In the 13th c. the monastery is entirely ruined and rebuilt by the emperors Andronic II and Ioannis V Paleologos. Afterwards the monastery is attacked by Latins and pirates. In the 16th c. it is completely destroyed and rebuilt with the financial aid of rulers of Moldavia and Vlachia.

In the monastery, there are many portable icons, holy heirlooms and ecclesiastical vessels. The library contains 279 manuscripts and about 2,500 books.