The Real Monasterio de la Encarnación (Royal Monastery of the Incarnation) is a convent of the order of Recollet Augustines located in Madrid, Spain.

The institution mainly interned women from noble families, and was founded by the Queen Margaret of Austria, wife of Philip III,[a] and thus was well endowed with wealth.

The impulse for the founding of the monastery by Queen Margaret, and sometimes the nuns are called las Margaritas, was to celebrate her husband's expulsion of the Moriscos, resident Moors.

During the reign of Charles IV of Spain, his prime minister, Manuel Godoy, would attend daily mass here, walking from his nearby Palace of Marqués de Grimaldi.

When Joseph Bonaparte entered Madrid as king, a hanged cat was found on the monastery gate with the writing: Si no lías pronto el hato,/ te verás como este gato.