It was mentioned for the first time as a summerhouse with a chapel for the Frankopan noble family in 1277. Ivan Frankopan gave the summerhouse and some land to friar Matija Bošnjak in 1468 to help him found the monastery.

The present monastery church was built in 1507 and was dedicated to the Immaculate Conception of the Blessed Virgin Mary, although the monastery has been redecorated a number of times since then. It was even moved a few meters inside the shore by strong waves in 1879.