The monument was inhabited for centuries by Franciscan monks. It was founded by Fray Lope de Salinas in 1440 on the rests of an earlier building that had the same purpose. Alveinte is located in the middle of the countryside, as the nearest village, Monasterio de la Sierra, is 4 kilometres away, this led to said that this is the reason why the saying «fraile... ¿qué hiciste que a Alveinte viniste?» translated "friar... what did you do that you came to Alveinte?" because, according to the legend, it was a place where the religious were punished.

During the War of Independence, the building served as a shelter for Cura Merino and was sacked by Napoleonic armies. However, the beginning of the end of the monastery was the confiscation ordered in 1835 by Juan Álvarez Mendizábal, by which the monastic property was expropriated and put up for sale.

Today, all that remains of the Gothic monument are a few walls - the rest were used for the construction of the power station - and the head of the church with the complete vault. At the end of the 20th century, the Castrovido reservoir project was on the point of sinking the remains of the monastery, but by making the dam smaller it was saved. Fortunately the monument, located on a private estate, it has not been forgotten and the villagers decided to clean up the remains some time ago. Moreover, on the initiative of three local monks, a festive pilgrimage was revived in 1994 to worship Nuestra Señora de los Lirios (Our Lady of the Lilies).