Alexander the Kind built the first monastery in Moldoviţa on the banks of the Moldoviţa River at the beginning of the 15th century. The site chosen was far from other villages, in the middle of the forest. He donated lands and Tartar slaves to the establishment, and the first community around the compound was created. The monastery is mentioned for the first time in a document of 1402. There is no record of how, or when, the monastery was destroyed, but possibly an earthquake ruined it at the beginning of the 16th century. As is the case with many other monasteries built during the first century of Moldavia's existence, such as Probota and Humor, Moldoviţa was also re-founded by Petru Rareş. The new church was built in 1532 in a different location, several hundred metres uphill from the river. Petru Rareş founded the present Church of the Annunciation, as is confirmed by the commemorative inscription on the south façade of the church. The church is built on the usual triconch plan of three apses used for all monastic establishments.

The church is rather long, as it has, besides the obligatory chancel, naos and pronaos, a burial chamber and an exonarthex. A graceful octagonal lantern tower with four windows stands above the naos, and a hidden treasury room was built above the burial chamber. The open exonarthex with large openings is its most distinctive feature, built on the model of the Church of Humor. The long façades are smooth, except for a row of small niches that surrounds the whole church. The three apses are decorated with tall niches that reach almost to the eaves. The four big pronaos windows have pointed Gothic arches and stone tracery in the upper part. The other five windows are much smaller, with slightly pointed arches and a square frame of crossed rods. The church was painted in 1537 both inside and outside. The significant stylistic differences between various scenes indicate that there must have been several painters at work in Moldoviţa.