The monastery is named after its founder, the hermit Saint Ivan of Rila (876–946 AD), and houses approximately 60 monks.

[2] It is traditionally thought that the monastery was founded by the hermit Saint Ivan of Rila, whose name it bears, during the rule of Tsar Peter I (r. 927–968).

The hermit actually lived in a cave without any material possessions not far from the monastery's location, while the complex was built by his students, who came to the mountains to receive their education.

Rila Monastery was re-erected at its present place by Hrelja, a feudal lord, during the first half of the 14th century.

The whole complex occupies an area of 8,800 m2 and is rectangular in form, centred on the inner yard (3,200 m2), where the tower and the main church are situated.

The church has five domes, three altars and two side chapels, while one of the most precious items inside is the gold-plated iconostasis, noted for its wood-carving, the creation of which took five years by four handicraftsmen: Atanas Teladur, Petar and Georgi Dashini and Dimitar Stanishev.

Porticos in the courtyard have Mamluk influence with the striped painting and the domes, which became more popular in the Ottoman Empire after the conquest of Egypt.

It was whittled down by a monk named Rafail using fine burins and magnifying lenses to recreate 104 religious scenes and 650 miniature figures.