The monastery was established in 1499. In the 16th-17th century it played a significant role in cultural and religious activity. Books from that period are currently being kept at the National Museum of Church History and Archeology. The Eleshnitsa monastery was destroyed by Kurdzhalii bands in 1793. It was rebuilt in 1820 and at present it functions regularly, although no monks or nuns live there.
The complex consists of a church, residential and farm buildings. The residential and farm buildings are currently (February 2007) in a rather poor condition, but the church has been recently renovated. The church represents a small single-nave, single-apse construction that still preserves some valuable frescoes. It was built in the 16th century, with the earliest of its wall-paintings dating back to the same century. The latest frescoes are from 1864. It is because of the frescoes that the monastery is declared a monument of culture and is guarded by a security firm. The monastery is a perfect site to have rest or to go for a picnic during weekends.