The monastery was founded by the Metropolitan Bishop of Herzegovina Basil (Vasilije) in the 17th century. That is the place where Basil died in 1671, and a few years later was canonized and declared a saint. His body was buried in the tomb of the cave dedicated to the Holy Virgin in the Temple.
The Monastery acquired the look as it has today between 1923 and 1926, after a fire destroyed the main part of the complex. Fortunately, two small churches- caves were not injured, and they represent the greatest value of the monument. The frescoes in the lower Church have been made by the end of the 17th century. The other church, dedicated to the Holy Cross, is situated within the cave at the upper level of the Monastery. She was painted by the master Radule, who skillfully handled and combined the natural forms of the cave, putting murals directly onto the surface of the cliffs and the southern wall. Monastic houses are situated around the church and they, along with the church itself, create the beautiful scenery around this monument which makes a pleasant place to stay in. This place attracts pilgrims from all over the world. Here are the relics of St.Vasilije of Ostrog-miracle worker and healer which is respected throughout the Orthodox world.