The monastery is a monument of culture of national importance. It is one of the earliest examples of the town monastery construction in the Bulgarian lands from the beginning of XIII c. It was destroyed three times and rebuilt again (in the middle of XIII c., the second half of XVI c. and the beginning of XVIII c.). It survived until the beginning of XX c. It kept its honorable place in the spiritual and cultural life of Melnik for a long time even as a convent of Vatopedi Monastery on Mount Athos. Since the end of XII c. until the middle of XIX c. it was named Saint Mother of God of the Holy Belt or Saint Zona. It is the only monastery in Bulgaria which was granted the status of “despot and royal” by Alexius Slav.
On the ruins of its main temple is built the now functioning “St. Zona” chapel.