The monastery is located on the road between Veliko Târnovo and Gorna Oryahovitsa, at the entrance to Arbansi village. The monastery was built during the Second Bulgarian Kingdom, the Shishman Dynasty. After the fall of Târnovo fortress under Turkish rule, the monastery hardly survived, but was subsequently abandoned due to repeated destruction. In the XVII-XVIII centuries, the locals rebuild it. After 1716, many residential buildings were built, and not only, which modeled the current monastery complex. The entrance is through the north side. The chapel of the church has the typical architecture of the churches in Arbanasi. The bell tower was built in 1836. The church is entirely painted mural, with two layers of painting. There are beautiful frescoes from 1600-1603 and from 1704. In the church are kept the relics of St. Modest and of St. Ecaterina. In the monastery museum several heritage objects and holy relics of silver and gold are kept.