The Gothic ruins feature stone carvings that are considered to be among the finest in a Cistercian church in Ireland.

Although no stream was present at the site, several wells are located in the townland where the abbey stands, which probably provided water to the monastic foundation.

The foundation is attributed either to Donal Mór Ua Briain (Donald O'Brien), the patron of a number of other religious structures in the historic Thomond region, who died in 1194 or his successor Donough Cairbreach.

Alternatively, Kilshane may have been the first attempt by this group of monks to set up a monastery and after that failed in 1200, Corcomroe may have been the site of their second try.

According to the legend, Ua Briain executed the five masons who completed the abbey to prevent them from constructing a rival masterpiece elsewhere.

Moreover, since the Cistercians did not engage in pastoral work to the same extent as some other orders, few traditions on the abbey were maintained by local folklore.

In 1227, 1280 and 1287 there were complaints that the abbot of Corcomroe had failed to appear at the General Chapter at Citeaux for a long time.

[2]: 15  By the end of the 14th century, the local area was held by a branch of the O'Cahans (O'Kane or Keane) from Derry in Ulster.

Papal correspondence became more frequent after this time, mostly for reasons of local abuses of order rules notably the ban against marriage.

[2]: 18–20 These practices of hereditary succession of abbots and use of abbey resources by powerful families resulted in a decline of monasteries' fortunes.

The property is last mentioned in the family papers in 1702, when they were mortgaged By William, Earl of Inchiquin to Donat O'Brien of Dromoland.

In 1625, Father Daniel O'Griffy of Dysert O'Dea Monastery was appointed as "commendatory abbot" of Corcomroe, but that may have been purely titular.

The cruciform church, facing east, features just one side chapel in each transept and a small cloister court.