The region has been inhabited since the Neolithic period and was the maximum expansion have two ports, Matala and Knossos, highly developed shopping centers. The glory of the city have to end tragically in the second century, when the city was destroyed Phaestos Gortys rival.
Only in 1900, several representatives of the Italian Archaeological School began excavations in the area, managed to bring to light what was left of the impressive building. The discovery was that instead of the palace was destroyed in 1700 BC built another, with an area of not less than 18,000 square meters. Unfortunately it was destroyed in 1450 BC, probably due to a volcanic eruption in Thera. Today the ruins are preserved deposits, partially altar, several water tanks, workshops and royal rooms.
The most important archaeological discovery made here was the so-called disc Phaestos today exhibited at the Archaeological Museum.