Phyang Monastery belongs to the Red Hat Sect of Buddhism. As a royal grace, the entire Phyang hills were once inhabited by monks preaching a Buddhist cult. Phyang Gompa is big complex accommodating a number of sacred shrines inside the monastery complex. These shrines have some exquisite wall paintings, dating back to the royal period.
The main attraction for tourists in Phyang Gompa complex is the 900 years old museum. This museum exhibits a rich collection of numerous idols and thangkas besides variety of weapons and firearms of Chinese, Tibetan and Mongolian origin. In this Monastery, the festival of Gang-Sngon Tsedup is held every year from 17th day to 19th day of the first month of the Tibetan calendar. The monastery serves as the venue for the sacred dances held every year on the 2nd and 3rd of the 6th month of the Tibetan calendar.