This pagoda is one of the multi-level stone pagodas that was popular in the Goryeo Dynasty. It still has one level of body on top of the three-tiered granite stylobate and there are several levels of roofing stones made of slate. The height is 2.4m. It was originally within the site of Bannyongsa Temple, but it is currently preserved in Daegaya Museum in Goryeong.
Most stone pagodas in Korea were built out of granite, but small pagodas made of slate emerged in the Goryeo Dynasty. Slate was used in various multi-level stone pagodas in hexagonal and octagonal shapes. The pagoda of Bannyongsa Temple was also built by polishing the slate. In detail, it placed two levels of lotus-patterned platforms in rectangular slate on top of the two levels of square stylobates in granite. Then, the roofing stone with no roof body was placed on top. Lotus patterns with single or double petals were engraved in relief around the second layer of the slate stylobate. The support under the eaves of the roofing stone was also engraved in relief and the slope on top of the roofing stone was made moderate to let the water slide down. Bannyongsa Temple also has a few sarira towers of the Joseon Dynasty and the turtle-shaped supporting stone with no monument on top.
Bannyongsa Temple is located on the foot of Mt. Misung in Yong-ri, Ssanglim-myeon. 『Sinjeung Donggukyeojiseungnam (新增東國輿地勝覽)』 records a notice sent from Khubilai Khan of the Yuan Dynasty. It stated that 'the troops of Yuan that come to Gyeongsang-do on their way to Japan must not steal from this temple.’
The multi-level pagoda is similar to Wondangam Multi-level Stone Pagoda of Haeinsa Temple and Hexagonal Multi-level Stone Pagoda of Geumsamsa Temple.