The monastery belongs to the Archdiocese of Belgrade-Karlovac and is dedicated to Archangels Michael and Gabriel (Mihailo and Gavrilo). From the 16th century, it is located in the present place and until then it was on Avala, but it is not known reliably who built the monastery. Some records suggest that this was Duke Radul, who was the master of Vlaska (Wallachia). Within the complex there is the spring of St. Paraskeva.
Because of its disadvantageous position, it suffered great damage. First from the Turks, and later from the NATO bombing. The monastery complex consists of buildings originated in different historical epochs from 15th to 20th century. The church itself dominates, but also "Platonov konak" (Plato's residence), once a monastic school, the first in Serbia, the work of the Russian architect Valery Stashevsky. For a while, Belgrade School of Theology was also located here. The Rakovica Monastery can boast a rich iconostasis with elements of classicism and Baroque wood engraving, most of which is Mihailo Obrenovic's legacy.
Many important Serbs were buried here. Apart from members of the Obrenovic family, Vasa Carapic and Serbian Patriarch Dimitrije were buried. According to his express wish, His Holiness Patriarch Pavle was also buried here.