The Shey Monastery or Gompa and the Shey Palace complex are structures located on a hillock in Shey, 15 kilometres (9.3 mi) to the south of Leh in Ladakh, northern India on the Leh-Manali road. Shey was the summer capital of Ladakh in the past.
The palace, mostly in ruins now, was built first in 1655, near Shey village, by the king of Ladakh, Deldan Namgyal, also known as Lhachen Palgyigon. It was used as a summer retreat by the kings of Ladakh.
The Shey Monastery was also built in 1655 on the instructions of Deldon Namgyal, in the memory of his late father, Singay Namgyal, within the palace complex. The monastery is noted for its giant copper with gilded gold statue of a seated Shakyamuni Buddha. Shakyamuni Buddha is so named since Buddha was the sage (muni) of the Sakya people who resided in the Himalayan foothills and their capital was Kapilvastu. It is said to be the second largest such statue in Ladakh.
Phyang contains numerous sacred shrines inside the monastery, frescoes dating from the royal period, and a 900-year-old museum which has an extensive collection of idols including a number of fine Kashmiri bronzes probably dating to the 14th century, thangkas, Chinese, Tibetan and Mongolian firearms and weapons.
The Gang-Sngon Tsedup Festival is held annually from 17th day to 19th day of the first month of the Tibetan calendar. On the 2nd and 3rd day of the 6th month of the Tibetan calendar Phyang serves as a venue for sacred dances.