This archaeological site is situated 500m from the coastal settlement of Kato Zakros and 9 kms from the village of Pano Zakros (45 kms from Sitia). The first excavations were conducted at the end of the 19th century by the Italian archaeologists Halbherr and Mariani. The English archaeologist P. Gogarth, head of the Athens School of Archaeology, later carried out more methodical excavations during which a section of the ancient town was discovered - 12 houses of the post Minoan period - and a selection of valuable artifacts. The further discovery of gold coins and of a sword, led to the reopening of the site by N. Platon, Director of Antiquities - an archaeologist renowned for his studies of the Minoan civilisation. His excavations were extremely successful. He unearthed a new Minoan palace, the fourth in Crete after the palaces of Knossos, Festos and Mallia in which, although smaller than the other palaces, were found over 10,000 objects of exceptional workmanship, many of which were classified as "royal". These artifacts can now be seen in the Archaeological Museum of Heraklion.

The palace covers over 8000 m2 and and is spread around a central courtyard as in the other Minoan palaces of Crete. Although the palace is similar in many ways to the other Minoan palaces it also has a few fascinating architectural features. These discoveries offer many clues as to the way of life of the ruling families and the relations between Eastern Crete, Egypt and the Middle East. Convincing evidence has been discovered showing that Zakros used to be a major trading centre in Crete and a transit port for ships traveling to Africa. Main exports to Egypt and other countries were cedar wood, oil and wine. Imports included ivory, gold and precious stones which were used in the construction of the palaces.

Industry was particularly developed here owing to the lack of arable land, something which hindered agriculture.

The palace was built in 1600 BC and is thought to have been destroyed in 1450 BC by the eruption of the volcano in Santorini. In the years following this sudden and complete destruction, no other palace was built in its place. The palace remained undisturbed, covered in bits of lava and pumice, until it yielded its treasures during the first excavations. Prehistoric tombs have also been found in the surrounding areas of Traostalo and in the Gorge of the Dead.