The monastery could have existed before the fall of Bulgaria under Turkish domination when it was destroyed. Restored in the 17th c and in 1680 was built the church, which is preserved today. The other monastery buildings were probably built in 1716 by the monk Danail from Troyan. In 1836 they were renovated and the present gate and the bell tower above it were built.
The church has an interesting construction. It is low, with one nave and does not attract attention from the outside. The construction spreads in width, consists of a naos with a narthex and a chapel on the northern side.
The entire surface on the inside is covered with mural paintings. They were completed in two stages – initially in 1704 here worked the masters from Tryavna Kosta, Tsonyo and Georgi, as the inscription of that period indicates. Later in 1762 the church was again richly painted. Despite the destructive effect of time we still have valuable pictures from the painted decoration.
The iconostasis of the church dates from 1867. There are also many icons from the 17th and 18th c among which the miraculous “The Three-handed Holy Virgin” in silver casing.
There is still another monastery in Arbanassi – “St. Nikola”.