The monastery is in the western mountainous part of the region, 250m above sea level. It is one of the most important and largest monasteries of Crete, owning lands in several areas of Asterousia.

It was founded in the 14th century, and its name is probably associated with the icon of the Odigon Monastery in Constantinople (Istanbul today in Turkey). During the revolutions of 1821 and 1866 against the Ottomans, the monastery was destroyed because the monks had participated in the struggle for liberation.

The monastery was a fortress with strong fortifications, traces of which are still visible today. Over the centuries different constructions were added, like a pillar at the entrance, dated according to an inscription in 1568, an olive press of the 17th-18th century, a refectory of 1782, a tower called Xopateras of the 19 th century, auxiliary rooms and buildings of the 18th and 19th centuries.

The main church is two-aisled with an antechamber (narthex), dedicated to the dormition of the Virgin Mary and the Apostles Petros and Pavlos. Both the main church and the narthex were decorated in the 14th century with paintings. Of note are the depictions of saints and hermits. The four icons of the iconostasis, created by the important painter of the Cretan School Angelos, are also of great artistic and historical value.