Built to the southwest of Metsovo, near the bank of Metsovitikos river, the monastery of Agios Nikolaos was one of the most important monasteries in the region.
It was founded in the Byzantine era, as the monastery and its abbot, Isaiah, was for the first time mentioned in the 14th century.
During its long history it was many times repaired, but it fully renovated around 1700. Its current form is the result of the restoration works performed around 1960, by the Foundation of Varonos Michael Tosistas.
The katholikon of the monastery is vaulted.
The wall paintings are preserved in a relatively good condition and are distinguished into two phases of painting.
The first, to which the majority of the wall paintings belongs, dates back to 1702 and the wall paintings are the work of the painter Efstathios; and the second, to which the wall paintings of the western part of the church belong, with strong western influences and dating back to an earlier time.
A chapel has been built on the outside of the church, dedicated to the martyr Agios Nikolaos of Metsovo, who died in 1659.
