According to a legend the monastery was founded in 12th century, at the time of First Bulgarian Kingdom. After the monastery was defeated, it became desolate. 250 years passed until hieromonk Sylvester restored it. Then, the name of the monastery was “Dry Brooklet” but after restoration its name was changed in Izvor Monastery. In 1767 the monastery was considered to be well laid out, visited regularly by the population from the region. By 1861 it had been ruled by abbots. The last one among them was hieromonk Hadzhi Agapii who, chased by the Turkish, escaped to Serbia. He left four monks living in the monastery. Three of them, Cyril, Gavriil and Hrisait, built the present iconostasis in 1868. They were buried in the graveyard.
Nowadays, the monastery is active, for nuns.