On the verdant, covered with pine-trees hill, that is situated to the west of the city and from where the view to Saint John, Gyra and Kastro is magnificent, is built the monastery of Faneromeni. With a history of centuries, which probably started from the first apostolic times, it is one of the most important monuments of the place and the only monastery of the island that is now in operation.

Tradition reports that at the place it is built, there was Kallimarmaro, Sanctuary of the goddess Artemis. The disciples of the Apostle Paul, who arrived first on the island, gathered here the inhabitants and preached Christianity, creating the first “efktirios oikos”, house of prayer (place devoted to the worship of God), while one of them, Sosion was ordained the first bishop of Lefkada and founded the monastery.

According to ecclesiastical sources, in the years of Constantine the Great, after the First Ecumenical Synod, five Fathers came with the Bishop of Lefkada, Agatharhos. Two of them, settled in the monastery and the other three founded the Holy Fathers' Hermitage, outside the village of Alexandros. These Fathers, built the first cells, enhanced the temple, and organized monasticism in Lefkada.

Another tradition reports that the first icon of the Virgin Mary ordered in Constantinople was revealed with no human interference to the hieromonk and hagiographer Kallistos, after his prayer. That's why it was named Faneromeni.

The monastery took its present form during the Venetian domination in 1734. The temple was rebuilt in the 19th century, after two fires, and has features that reveal a strong effect of Zakynthian architecture.

The icon of Virgin Mary (1887) is a copy of the old miraculous icon of Phaneromeni and was crafted on Mount Athos. Its iconostasis was made after 1886 and is the work of Eustathios Prosalentis the younger. Its icons are a work of Christodoulos and Thomas Zografos brothers, from Chionades of Epirus.

Moreover, on the aprons of the iconostasis there are works of Leonidas Sideris, with emblazonments from the New Testament. The monastery was recently renovated on the initiative of the Abbot. A new wing of cells, an abbey, a synodiko (the room where the Holy Synod convenes), a library and a chapel dedicated to Saint Silouanos of Mount Athos, was built. Here, in a contemporary building, is housed the Ecclesiastical Museum of the monastery, with characteristic exhibits of ecclesiastical art and tradition. Icons, vestments, utensils and books are displayed on three floors, giving the visitor an insight into the evolution of the culture of Lefkada.

Also, in the monastery operates a Christian book exhibition, as well as a small hostel for pilgrims. The Virgin Mary of Phaneromeni, standing for centuries on the sacred rock, gathers many pilgrims. She is the patron saint and protector of the everywhere in the land of Lefkada and her grace is celebrated with all grandeur, on Monday of the Holy Spirit.