The monastery, dedicated to Saints Peter and Paul, was founded in the late 8th century by Duke Tassilo III of Bavaria - the last of the Agilolfings, who was deposed by Charlemagne in 788. Under the Carolingian dynasty, the abbey became a possession of the Augsburg bishops. Its name Thierhaupten, which means "beasts' heads" in German, is supposed to refer to a heathen shrine formerly on the site, possibly the remnants of a pagan cult place.
The buildings were sold off to a local businessman. The last abbot, Edmund Schmid, remained in Thierhaupten as the parish priest, and succeeded in 1812 in acquiring the former abbey church for use as the parish church. The remaining buildings were preserved, but gradually fell into disrepair, until they were bought by the Thierhaupten municipality administration in 1983 and renovated.