According to the legend, the monastery was built in the 13th century (1224), when Ukrainian knyaz Georgi Glozh settled in the area with Ivan Asen II's approval. The knyaz founded a monastery carrying the name of St George, whose icon he had brought with himself. The icon then disappeared numerous times only to be found on a hill not far from the village of Glozhene, which was interpreted by the monks as a divine sign to move the monastery there. This was eventually done near the end of the 14th century. The two monasteries existed in parallel for a short time, being connected by a tunnel to each other, but the tunnel, used many times by Vasil Levski during his secret missions, was destroyed by an earthquake in 1928.