It is located at the top of the Holy Mountain rising above the Luha River near the village of Zymne.

[1] The origin of the monastery is uncertain, but a monastic legend attributes its foundation to Vladimir the Great.

The convent was revived during the period of the German occupation, but reduced to a parish church in 1945 after the area became part of Soviet Ukraine.

The monastery has a rectangular plan, articulated by defensive walls with towers, built in the 15th and 16th centuries.

The four-pillared Assumption Katholikon was built with funds provided by Prince Fyodor Chartoryisky.

The Uniates dismantled its flanking towers in 1724 and reshaped its facade in what was then contemporary Polish fashion.