The monastery was founded in the 6th century and existed at the time of the First and Second Bulgarian kingdom. It was ruined at the time of the conversion of the Bulgarian population in Chepino to Mohammedanism in the 17th century.
At present the monastery functions periodically. Remnants have been preserved from the partially restored monastery church, which is a three-nef three-apse basilica (28 x 17 m). It has no central entrance on the west side, but has two side entrances instead - on the north and the south sides. Next to its southern facade a three-conch christening building has been added, whose foundations are preserved till nowadays. A small one-nef, one-apse, cross-shaped church "The Assumption" was built in the vicinity in 1999.
The Belovo basilica was declared a monument of culture.
Patron Saints day is on Ascension Day (movable).