The monument was constructed on the flattened surface of the Acropolis rock, in the most prominent place. It covered the entrance of a cave. On the top of the monument stood the bronze tripod which Thrasyllos received as a trophy. Fifty years later, Thrasyllos' son, Thrasycles, won two theatrical contests and added to his father's monument, his own two tripods. In the middle he added a statue of the god Dionysos.
The monument along with the cave was converted into a church during the christian times and was dedicated to the Mother of God and was named "Our Lady in the Cave". It stood in a perfect condition for more than 2000 years, until it was bombed and destroyed during the siege of the Acropolis by the Ottoman general Kütahı in 1827.
The statue of Dionysos was taken by Lord Elgin and is now exhibited in the British Museum in London.
The monument was restored at a great extend in 2017.