The Monastery of Petra was founded by Andronikos II Palaiologos. The exact time of its establishment is unknown. A stone inscription placed above the west entrance of the catholicon mentions the year 1134, while the monastery was renovated in 1151. The current church was built in 1754 and repaired in 1815.
In 1927, the monastery’s possessions were transferred to the state and a sanatorium was built for deprived persons suffering from tuberculosis. The operation of the sanatorium began in 1939 and continued until 1969. In 1970, the sanatorium was replaced by a mental health clinic run by the Holy Monastery of Petra, Olympus, which operated until 2004.