The pagoda is located on the hill which is one mile away from the palace site. The pagoda was erected by king Min Saw Mon in AD 1430. When king Min Saw Mon moved the capital from Laungkyat to Mraukoo, he invited twenty monks to Mraukoo from Laungkyat including Maha Vi Zay Ya, a head of Samgha. Kin Min Saw Mon honoured monk Maha Vi Zay Ya with donating a big monastery at the appropriate place in the south of the palace. That monastery was named as Mahavizayyaranthi monastery.
The pagoda was also built on the hill near the monastery. The pagoda was called Maha Vizayyaranthi in reference to the name of the monk. The pagoda is one of five city-settlement pagodas. When monk Shin Maha Ra Hta Tha Ra and monk Shin Tay Zaw Tha Ra visited Rakhine, they sojourned in that monastery for three months of lent in 1516 AD. The pagoda is octagonal in shape at the base and it is built in the form of tiers of the terrace. There are eight opening caves in the four directions of the first and the second terraces. There are beautiful stone sculptures at the decoration of the cave.
The present pagoda was built by the well-wishers leading by layman devotee U Kyaw Thar. The ordination hall is in the west of the pagoda. The ordination pillars are still rising up about four feet form the ground until now.