The monastery was constructed by King U-Thong to accommodate the monks that were ordained by Phra Wanratana Mahathera Burean. This monastery was named "Wat Pakaew".
Afterwards, Phra Wanratana of Wat Pa Kaew suggested to King Naresuan the Great to build a Chedi (pagoda). He decided to construct a large Chedi in this monastery. This monastery became known as Wat Yai Chiamongkhon .