The only remaining watermill in present-day Despotovac, known as the Monastery Watermill, represents a valuable architectural achievement from the first half of the 19th century. The exact year of its construction is unknown. Based on available data, it is certain that the watermill was built by 1835. Considering its size (five wheels), it was most likely constructed jointly by Prince Đorđe (Serbian Knez Đorđe) and the Stajić family during the late third or early fourth decade of the 19th century.

The watermill acquired its current appearance in 1855. At that time, the abbot of the Manasija Monastery, Archimandrite Evgenije Simonović, undertook a thorough renovation and added another wheel.

In this form, the watermill has been preserved to this day, despite some minor alterations in more recent times, including the installation of an electric mill. Until the 1960s, the watermill in Despotovac remained operational, passing through various owners. During this period, even the Manasija Monastery was forced to sell its share. Nevertheless, the watermill is still known as the Monastery Watermill. Following its closure, the watermill began to deteriorate until 1996, when extensive restoration and maintenance work was carried out.