At 15000 ft, Korzok Monastery has a unique location as it overlooks Tso Moriri, one of the highest lakes of India. The monastery was founded by Kunga Lodro Ningpo, the third Korzok Rinpoche around 300 years ago. The name ‘Korzok’ means ‘acquired by unfair means’. The reason behind the name goes ages back when the Chang-pa, the nomadic herdsmen living nearby, were exploited by the monastery by paying them an unfairly small amount for their services. The monastery is home to about 70 monks whereas the village has a population of close to 1300 people. At such a high altitude, the Korzok settlement is considered as one of the oldest settlements in the world.

Situated in Korzok village, the monastery is affiliated to the Drukpa lineage and was once the headquarters of the Rupshu Valley. It is an independent monastery which houses a statue of Shakyamuni Buddha along with images and statues of other deities. Korzok mostly attracts travellers during the Korzok Gustor festival which is held in July/August. The festival ends with an interesting ritual—the dismemberment of the 'Storma', a sacrificial cake. The ritual, known as Argham (or killing), symbolises the destruction of evil and is performed by the leader of the Black Hat dancers.