This synagogue is named after the Jews who immigrated from the Bulgarian province Yambol to Balat. An Ottoman decree issued in 1693 indicates that the place of worship already existed during the Byzantine period.
According to other writings, the main building was rebuilt in the 17th or 18th century after a devastating fire and undergone major repairs in 1709, 1865 and 1895.
In 1987, the synagogue was added to the list for the protection of Intangible Cultural Heritage.