Corcumroe was colonised from Inishlounaght in 1194/5. The founder was either Domnall Mór Ua Briain, King of Thomand or his son Donnchad Cairprech. A community had certainly been established there by 1198 when monks were sent from Corcomroe to colonise a new abbey at Kilshane in Limerick.
Following disciplinary measures taken against the mother house of Inishlounaght, Corcumroe's affiliation was transferred to Furness Abbey. In 1271 affiliation was transferred once more, this time to Mellifont. In 1417 it was recorded that the abbey was so poor that the monks could not be properly maintained. In 1554 the abbey was granted to Murcadh Ua Briain Earl of Thomond, and in 1564 to Domhnall mac Conchobair Ua Briain. It continued to function to a limited extent following the dissolution, with John O'Dea, a monk of Salamanca, appointed as abbot in 1628.