The monastery was founded by Queen Khosrovanuysh, wife of the Bagratid king Ashot III, probably in 976. The nearby monastery at Sanahin was built around the same time. The location of Haghpat Monastery was chosen so that it overlooks the Debed River in northern Armenia's Lori region. It was built, not on a peak, but halfway up a hillside on a site chosen to afford protection and concealment from prying eyes and also in response to a kind of monastic humility. It is built on a verdant promontory located in the middle of a mountain cirque, which is often wreathed in clouds. A peak on the opposite side of the river is over 2,500 meters high.