The monastery is in Margarites, 30km away from Rethymno.
It was founded between the 15th and 16th century, and later became a dependency of the monastery of Karakalos of Mount Athos. In a tomb embedded in the floor of the church, you can see a coat of arms of the Dandolo family, who were the owners of the monastery.
The monastery was female-only during the Ottoman period and was converted to male-only in the 18th century, during its concession to the monastery of Karakalos. Saint Gideon, who died in 1818 as a martyr in Tyrnavos, Larissa, lived an ascetic life in the monastery.
The monastery was restored in 1998, and today only the church and a few of the surrounding buildings are preserved.