Shey Monastery is located at a solitary hillock at a distance of 15 km away south of Leh. This monastery is also called Shey Palance which was once the residence of the royal family which was got constructed by the first king of Ladakh, Lhachen Palgyigon.
According to tradition, it was the seat of temporal power of the pre-Tidetan kings. Main attraction in Shey Monastery is twelve feet Shakyamuni Buddha's statue. It is made by moulding copper and is the largest statue in the region. It was built by Deldan Namgyal in 1633 as a funerary memorial of his father, king Singee Namgyal. There is another towering statue of the Buddha. Stone carvings in the monastery are unique. A number of chortens containing the ashes of Lamas and royal dignitaries are scattered around the Dresthang Gompa.
Shey Monasty is a spot for celebration of two famous festivals of Ladakh viz. Shey Rul-Lo falling on the 30th day of the 1st Tibetan month and Shey Surb Lo on the 10th day of the 7th Tibetan month.