The Teteven Monastery "Saint Iliya" has been situated northeast of Teteven in the skirts of the Ostretz peak. Now it is within the limits of the present-day town and only the church and one housing building from it are preserved.

There is some indirect evidence for the activity of the monastery in the books which have been rewritten here and in other documents. Old-print books from XVIII c. and icons from XVII-XVIII c. are also preserved in the monastery. 1779 is a disaster for Teteven. The Turkish troops burn and plunder the settlement but the monastery survives the outrages. This is understood from an inscription on the church. This and other inscriptions date the initial building to XVIII c. The Teteven monastery has played an important cultural-educational role. It has housed active figures from the national liberation movement. There are two styles of painting remains: early decoration from XVII c. at the altar section and remains from unfinished murals from XIX c. in the interior. It is supposed that they are made by Ivan Dospevski. The iconostasis of the church is most likely made by the same masters who have made the iconostasis of the chapel "Saint Nikola" in the Troyan Monastery. The royal gates of the church are identical to the ones of the chapel.