While the main chapel was built in 1215, the monastery complex was founded in the 4th century by Gregory the Illuminator at the site of a sacred spring inside a cave. The monastery had thus been originally named Ayrivank, meaning "the Monastery of the Cave". The name commonly used for the monastery today, Geghardavank meaning "the Monastery of the Spear", originates from the spear which had wounded Jesus during his crucifixion, allegedly brought to the monastery by Apostle Thaddeus, and stored amongst many other relics. Now it is displayed in the Echmiadzin treasury.

The spectacular towering cliffs surrounding the monastery are part of the Azat river gorge, and are included together with the monastery in the World Heritage Site listing. Some of the churches within the monastery complex are entirely dug out of the cliff rocks, others are little more than caves, while others are elaborate structures, with both architecturally complex walled sections and rooms deep inside the cliff. The combination, together with numerous engraved and free-standing khachkars is a unique sight, being one of the most frequented tourist destinations in Armenia.