It is located 15 km southwest of Gabrovo on the northern slopes of the Balkan Mountains in the Bulgarka Nature Park and is close to the Sokolovo cave.
Hristo Tsokev, a Gabrovo-born artist, donated the church icon, which represents the Virgin Mary and Christ and is considered to be miraculous.
In 1862, Father Paul Zograf and his son Nikola from the village of Shipka decorated the church with frescoes.
In the centre of the yard, in 1865 the master Kolyu Ficheto constructed a big stone fountain with eight taps.
The whole monastery was built during the Bulgarian National Revival with the strong support of the people of Gabrovo and the local villages.