Founded in 1573,[REF] or 1575,[REF] and completed in 1586 through the expenditures of the Metropolitan bishop of Zahumlje and Herzegovina Savatije Sokolović,[REF] who later became the Serbian Orthodox patriarch,[REF] the monastery is dedicated to the Dormition of the Theotokos [REF].
Piva Monastery is included within the Eparchy of Budimlja-Nikšić.