The abbey was founded in 1080–1082 by Ottokar II of Styria as a community of secular canons and as a dynastic burial place for his family.
Together with his fortress, the Styraburg (Schloss Lemberg), it served as a focal point of Ottokar as ruler of the Traungau, and was endowed with significant possessions in the Traisen and Gölsen valleys, in Lower Austria, probably from the dowry of Ottokar's wife Elisabeth, daughter of the Babenberger Leopold II of Austria.
It was built by the Carlone family of master builders and is considered one of the most beautiful examples of High Baroque architecture in Austria.
[4] A Christmas market is held in the "Am Platzl" Square in front of the abbey church in late November and early December.
[6] It was dismantled and moved to Steyr in 1789, where it was reassembled in the former church of the Celestine nuns, whose community had also been dissolved, as the town theatre, which operated until 1958.