The monastery "Saint Forty Martyrs" in Veliko Turnovo has been built to commemorate the victory of the Bulgarians over the troops of the Byzantine ruler Teodor Komnin in 1230. The church is a low three-nave basilica. Along the hind western column at the will of king Ivan Asen II there is a solemn victorious inscription with the words: "In the summer of 6738 (1230), indict 3, I -Ivan Asen- God obedient king and ruler of the Bulgarians, son of the old king Asen, built from the foundations this church and decorated it with mural paintings in the name of the holy forty martyrs, with whose help this temple has been decorated in the year 1212, when I went to wage a war in Romania and defeated the Greek troops and their king Todor Komnin, capturing all his boyars....". The carried out archaeological excavations reveal monastery buildings. The monastery originates over remains of a destroyed fortified wall and its annexed barracks from the First Bulgarian Kingdom. To the east the monastery's yard there are two buildings, stuck to one another, the south of which has been used as a refectory. The entrance of the monastery is from the northeast where the steep road from the Small Gate of the aristocratic hill Tzarevetz passes. The monastery's graveyard is located immediately to the south of the monastery. As the archaeological research shows many noble Bulgarians from royal origin have been buried in this temple. Here in 1235 has been buried the famous Serbian saint Sava by an order of king Ivan Asen II and later in 1236 the body of the saint has been moved to Mileshevo at an appeal from king Vladislav. Near the northern wall is discovered the tomb of king Kaloyan, killed at the siege of Thessalonica. At excavations of the grave there have been discovered gold-woven clothes and the famous Kaloyan's ring.

After the conquering of Turnovo the monks have been chased away and the monastery has become derelict. At the beginning of XIX c. after a reconstruction the Turks transform the church into a mosque and build a minaret.

After the Liberation of Bulgaria the church is an object of thorough research. Unfortunately, the powerful earthquake of 1913 causes serious damage to the monument. Until 1913 only three scenes have been preserved on its western wall. In the middle is depicted "The Assumption of Virgin Mary" and at its both sides - "Jacob's son" and "The Holy Trinity".

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