It is said to have been founded by Leon sometime in the 6th Century but this has not been verified by any historian. It is more likely that it was built in 1522 by St. Theonas, who later became the Metropolitan bishop of Thessaloniki. During the Turkish occupation, the monastery owned many acres of land but it was destroyed by the Turks during the Greek War of Independence of 1821 and was rebuilt in 1830.
The heirlooms of the monastery include the whole-body relic of St. Theona and the head of St. [[Anastasia the
Pharmakolitria]]. The monastery belongs to the [[Ecumenical Patriarchate of Constantinople]] and honours St. [[Anastasia Pharmakolitria]] [[December 22]].