The locals call it monastery of Kato Panagia, contrary to Ano Panagia which is Kalamiotissa. The main church of the monastery dominates over the temple of Apollo and it shares the same yard, where cells and chapels were added later. It is a single-room church with a dome while later on in its western façade a multiple-arched bell tower was added.
Indoors a wood-carved painted iconostasis of the 19th century is preserved. With the exception of the oldest icon of Kalamiotissa with the silver coating, the rest of the icons in the iconostasis were painted by the hagiographer Nikolaos Karavias.
Relevant manuscripts date the foundation of the Monastery back to the 17th century. In 1774 it acquired stavropegic privileges (meaning it came under the jurisdiction of the Ecumenical Patriarchate). However, today it lies under the jurisdiction of the monastery of Profitis Ilias at Pyrgos in Santorini, which ensures its staffing during the summer months.
A big festival is hosted here on September 7 with the ecclesiastical events taking place both in Kato and Ano Panagia, the church that crowns the peak of Kalamos.