It is believed to have been founded by Despot Jovan Branković in the late 15th century. The earliest historical records about the monastery date to the second half of the 16th century.
Owing to Turkish raids, the monastery was deserted in the 17th century; at the beginning of the 18th century, Dipša was mentioned as an appendage of the neighbouring Kuveždin monastery. Its old church underwent reconstruction in 1744, but the final alteration was made in 1762, when a new narthex was built.