Thiksey is a Tibetan Buddhist monastery of the Yellow Hat (Gelugpa) sect, located on top of a hill, The monastery is a 12-storey complex and houses many items of Buddhist art such as stupas, statues, thangkas, wall paintings and swords. One of the main points of interest is the Maitreya (future Buddha) the Translator, is also known to have built a temple named Lakhang Nyerma at Thiksey, dedicated to protector goddess Dorje Chenmo. Today all that can be seen are some ruins. The architecture of the monastery strongly resembles the Potala Palace in Lhasa, Tibet, the former official seat of the Dalai Lamas.
The annual festival held in the monastery precincts is known as the Gustor ritual, which is held from the 17th to 19th day of the ninth month of the Tibetan calendar (October–November). Sacred dances such as the mask dance or Cham Dance are performed as a part of this ritual Another special feature is the trade fair held at the base of the monastery, in which villagers from all over Ladakh assemble to barter and trade items and socialize. Sand mandalas are made for smaller festivals.