The foundation of the monastery dates back to the 10th century by Efthymios who was a student and fellow ascetic of Saint Athanasius the Athonite. It is celebrated on November 8 in memory of the Archangels Michael and Gabriel.
One of the most important relics situated there, is the miraculous icon of Panagia Gorgoupikoou. The frescoes of the church is work of the Cretan painter “Georgis” and the library has many notable books and manuscripts.