It was named after the nearby spring, whose water smelt of peaches, called ”praska” by the native people.
The monastery was both the spiritual and political centre of Pastrovici and its founding and tradition is linked to the 11th century. The main monastery’s church of St. Nicholas dates from the 15th century, and the charter of Balsa III, ruler of Zeta, bears witness to it. A more spacious building was built in the 19th century on its remains, and has preserved the fresco paintings of the old church. The second monastery’s church is located on the hill, and it is dedicated to the Holy Trinity and dates from the 17th century. Its biggest artistic value lies in the fresco paintings, painted by the master Radul, and the gold-plated iconostasis of Dimitrije Daskal from the 17th century.
The monastery complex also consists of lodgings and a former school in which monks educated the Pastrovci children in writing. The churches have exceptional features: icons, old manuscripts and documents. A hand-written Gospel in a silver cover, which was according to tradition given to the Pastrovici family by the Montenegrin Bishop Danilo in 1600, is kept there. A big stone table, at which the court of Pastrovici, called "bankada", held sessions for decades, is very attractive to visitors.