The first part of the Sakya Tharig monastery to be built was the Main Temple hall in 1969. At that time all the land surrounding the holy stupa of Boudha and the stupa itself were the private property of only one man: Gya Lama. When the 6th Tharig Rinpoche first arrived in the Kahtmandu valley in 1963, as all the other Tibetan refugees, he asked permission from Gya Lama to place his personal encampment on his land. Despite the frequent travels in Mustang and Dolpo, in the following years Rinpoche and Gya Lama developed a close friendship. It was then in 1968 that, advising Rinpoche to settle in Boudha and build a monastery, Gya Lama gifted him a first piece of land. With the completion of the first building, it followed a second donation of land. Little by little, with each donation from Gya Lama (either directly received from him or through the intermediation of other Tibetan lamas) and thanks to the offerings collected in Dolpo and Mustang and (since 1979) in Malaysia, Singapore and Bangkok, Tharig Rinpoche had the possibility to expand the new monastery to its actual structure.

With the growing number of southeast Asian sponsors and the consequent increase of resources, along with providing to his monks all the needed facilities, Tharig Rinpoche begun also to contact famous Tibetan artists and welcome them in Boudha to enrich the monastery's buildings. Of these artistic contributions the most important is the great statue of Buddha Shakyamuni, installed in the upper floor of the Library Hall in 1987. The statue, entirely made of bronze, laminated in gold and covered by hundreds of precious stones, is a perfect copy of the famous Shakyamuni Statue in Lhasa, which it is said contains some priceless relics of Buddha Kashapa and Buddha Shakyamuni.

After the 6th Tharig Rinpoche had left his monks on the 15th of May 1998, the guidance of the monastery passed in the hands of Khenpo Tenzin, already appointed as abbot by Rinpoche during his frequent and long travels. Khenpo Tenzin was born in 1936 and begun his formal education at the tender age of eight at Ngor monastery in Tibet. In 1959, when the Communist Chinese army invaded Tibet, Khenpo escaped to India and continued his studies, focusing on the Sakya tradition of Tibetan Buddhism at the refugee camp in Buxa and later went to Varanasi for higher studies. After graduation, Khenpo travelled to Rajpur where he received many Initiations, Empowerments and Explanations of the Sakya lineage from H.H. Sakya Trizin, H.E. Chobgye Rinpoche and H.E. Ludhing Khen Rinpoche. While in Nepal, he went to Mustang and spent a few years at Garmey Monastery. During his stay at the monastery, he pioneered the systems of three rituals. Before his appointment as abbot of the Sakya Tharig Gonpa in Boudha, he was responsible for the monastery as a Teacher and as a Chanting Master.