It is a stauropegian monastery founded probably in the 16th century. It played an important part during the Cretan revolutions and particularly during the revolution of 1866, when the rebels took refuge there. It was an extremely wealthy monastery with a large real estate property. In 1831, the first Greek School was founded there.

The Katholicon is a two-aisled church dedicated to St John the Theologian and the Annunciation of the Virgin. It was built in 1836 but has been repaired many times during the following years.

Inside the monastery, there are cells, the old abbot' s quarters that was transformed to a guest-house, the new abbot' s quarters of 1900 as well as a library.

The restoration and consolidation works were carried out by the 13th Ephorate of Byzantine Antiquities.