On St. Tryphon is another building with outstanding architecture, historical, cultural and artistic value is the Drago Palace.

The Drago Palace was built in the XII century and belonged to the noble family of Drago. The Drago family flourished from the thirteenth to the eighteenth century, from it came many prominent figures who distinguished themselves in the arts, culture, economic and political life of the city of Kotor.

Two wings – North and South, belong to different architectural styles. The southern wing of the Palace was completely destroyed by an earthquake in 1667, it was rebuilt almost from scratch in the Baroque style, using some preserved parts of the old building. Thus, on the second floor of the South wing appeared the balcony door with a Gothic gable. The North wing is built in a distinctive Gothic style. Two - and three-sash window on the second floor of the North wing (before and trifari), repeated the coat of arms of the family of the Drago - dragon on a gold field, relief tympanum – decorative niches above the Windows and other decorative elements belong to the Gothic style of the fourteenth and fifteenth centuries. Impressive vaulted passage under the Palace from the street to the inner stairs. It is made in pure Gothic style and decorated with floral ornament, again family crest, heads of angels.

On the surviving drawings as possible restored the interior of the Palace. Special attention deserves the interesting screw-like arrangement of wooden beams on the ceiling in the great hall of the Palace.

Currently in the Palace Drago is the Institute for protection of monuments of culture.