Phyang is one of the two ancient Monasteries in Dringungpa at Ladakh. The founder of the Dringumpa Monastic Dynasty also known as Skyabje Jigten Gombo was regarded as the saintly person. In his memory a Thankha has been erected which is the present site of the famous Phyang Tsedup Festival at Phyang. apart from the worship of the Thankha of Jigten Gombo. The Buddhist Lamas dress up in colorful costumes and play the various characters of the dance drama.