The monastery of Our Lady of Death is the most important monument and a famous pilgrimage of Lipsi. It is located in the southeastern part of the island and is dedicated to the memory of the Assumption (August 15th). It is a small church of cruciform shape with arches and a narthex.
The original building was built during the Byzantine era (11th-12th century) by monks of Patmos. It took its name from the painting of the Virgin holding her crucified son. The painting, which is considered miraculous, is housed in the church of St. John the Theologian.