The holy and miracle-working icon of the Virgin Mary was brought to the Vatopedi monastery by the blessed elder Joseph (who is still alive) from Nea Skete. The Monastery of Vatopedi (or Vatopaidi) is one of twenty monasteries on the Mount Athos peninsula (Greece) and is located on the northeastern side of the peninsula. It operates as a coenobitic monastery(a communal monastic community). As of 1999, it is inhabited by 80 monks and is second in hierarchical rank among the monasteries of the mountain.
The first record of the icon's miraculous powers is from the witness of Elder Joseph. One day a young man from Cyprus went to visit and entered into the church. At that point, the elder witnessed a glowing light radiating from the face of the Theotokos and an invisible power pushed the young man down to the ground. When the young man had recovered from his fall, he began to repent and weep and confessed that he did not believe and was a participant in the black arts. He changed his life and became an Orthodox Christian.
This icon is also known for working many miracles, especially healing people with cancer. There are many recent records of people who have been healed from cancer after participating in the Supplicatory Canon to the Pantanassa at the monastery.
There are many miracles also occurring in Russia, where two identical copies of the Vatopedi icon were sent at the request of the Patriarch of Moscow.  One of these copies is at the Church of All Saints in Krasnoe Selo of Moscow and the other copy was sent to the monastery of the Metamorphosis of Christ in Novospaski.