The church is a three-aisled basilica with a transverse barrel-vault. The east side ends in three semi-hexagonal apses while a narthex was later added to the west. The walls are adorned on the outside with a great variety of brick and tile decoration, including an inscription inset in a brick. The interior is richly decorated with wall paintings dated to the 18th century.

The monastery was built in the 13th century, by Michael Doukas Comnenos, the Despot of Epiros. In the period of the Turkish occupation it was renamed to "Panaghia tis Vryseos" (Holy Virgin of the spring), because it was located near a spring. In the sigillium of Patriarch Jeremian II (1591) it is mentioned that the Paregoritissa Monastery became the metochion (dependence) of the Monastery of Kato Panagia.

The monument is now used as a convent for nuns.