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The "Assumption" Monastery is the third largest in Bulgaria after Rila Monastery and Bachkovo Monastery. It is located ten kilometers from the city of Troyan and is one of the busiest in the country.

For the establishment of the monastery there is a legend. Two traveling monks who wore the icon of the Virgin Mary, benighted, and lodged in a hut located at the same place. During the night one of them dreamed that the Virgin Mary commanded this place to be a monastery. Thus arose the Troyan monastery and one of today's neighborhoods of Cherni Osam called Milencha.

Monastery was founded in the late fifteenth century, but the first written records are maintained by the seventeenth century.

Today at the monastery you can see a rich museum collection of gifts and church plates, the hideout of the Apostle Vasil Levski and the room where Tsar Boris III stayed and slept. There are visitors during the whole year, but most people gather at the monastery’s festival - 15 August.

Today's monastery was built in the early nineteenth century. In the years of the National Revival it was not only a literary center for issuing a number of liturgical books, but also great cultural and revolutionary center. Even in 1865 a school opened in the monastery and it existed until 1883. After 1850 until the national Liberation of Bulgaria in 1878 the monastery was a lively revolutionary center. It harbored prominent revolutionaries – Panayot Hitov, Panayot Volov, Georgi Benkovski, Angel Kanchev and others. Vasil Levski often visited the monastery. The monastery did not stand aloof from the struggles of the Bulgarians for national liberation. Here Levski founded the country's only monastic Revolutionary Committee, headed by the abbot Macarius.

The room in which sat the revolutionary committee and in which the Apostle spend the night was turned into a museum collection. In adjacent spaces are shown valuable icons, prints and printing plates, vessels of copper, wrought iron and clay, church plates and others.

The library is kept with the files printed books, rare manuscripts and archival materials. All these exhibits attest to the rich history of the monastery.