The monastery was originally dedicated to Saint Nikolaos, known as the monastery of Methodaton or Gkioumaton, due to its connection with the well-known family of benefactors. It was dedicated to the Virgin Mary in 1584 after the transfer of the homonymous icon, important work of the Cretan School. The monastery includes the katholikon, which was probably built in the early 16th century in the type of a single- nave basilica, and the cells that were built in the 18th century.

The frescoes of the katholikon were designed into two phases. The earliest ones are attributed to the art of the painters Frangos and Georgios Kontaris (first half of the 16th century) and the newest  to the narthex to the painters Anastasiou and his son from Kapesovo, Zagori (1759).It was radically renovated in the 18th century by the abbot Nikiforos. The monastery flourished during the second half of the 19th century, when it was united with the neighboring Monastery of Metamorfosis Sotiros (Transfiguration of the Saviour). In 1873 the Monastery became stavropegic, ie it was directly dependent on the Ecumenical Patriarchate. The iconostasis was formed at the end of the 18th century.