Its origin is tied with the ruler of Zeta, Ivan Crnojević (1465–1490) who, in order to avoid the Turkish army, raised on the hill of Obod a fortress and a monastery, whose church is dedicated to St. Nicholas. This is where he transferred his residence from the fortress of Žabljak, and the monastery became the seat of Zetska Bishopry. 

The place itself keeps remnants of historical buildings from the time of Ivan Crnojević such as cellar of a building destroyed long ago which is associated with the work of the so called Print House of Obod (Obodska štamparija), where the first Cyrillic book “Oktoih prvoglasnik” was printed in 1494. Apart from that, the first pharmacy in Montenegro was opened there as well as the first arms workshop. In the early 20th century the factory “Marica” produced nacre – pearl made of fish scales.

In the 19th and the 20th century Rijeka Crnojevića was the biggest Montenegrin port and a leading trade center. A particularly praised product of this area was smoked bleak because of its uniqueness and exquisite taste which was also highly demanded on the Italian market.