According to tradition the monastery was built by monks, Armenians, who fled from the Turks. It is positively known that it was built in 1392. Monastery is dedicated to Holy Archangels Michael and Gabriel.
Later on, the Turks looted the monastery, they pillaged it and burnt it and the monks fled to Fruška Gora. Ruins of the monastery were discovered in the middle of the 19th century and then a single-nave stone church was built, which has been reconstructed and altered several times since 1992.
The monastery is situated in a natural ambient and surrounded with four sources of clear mountain drinking water.
The monastery is 8 km away from Sokobanja. Every year on the 26th July, on the Orthodox holiday of St. Archangel Gabriel, a lot of people gather at the monastery.
Other sources say that Jermenčić monastery is the endowment of despot Stefan Lazarević and that it was built by Greek monks of Sinai.