Agia Paraskevi is one of Lesbos' last remaining traditional villages. The village is named for the church of Agia Paraskevi, which is found in a cave in one of the highest points of the town. The town cemetary is also located here. Presumingly built over an old pagan temple, there is a well in the cave, and drinking the water from this well has been known to offer protection from the Virgin Mary.

Agia Paraskevi is an old village that is becoming a powerful cultural and economic center for the island. The village is known for its old mansions, unique architecture and for its curious Festival of the Bull of Agios Haralambos that has been celebrated since 1774. Every year a bull is sacrificed for good fortune and is a major event for the entire island. The festival is linked to an old story that during a period of turkish occupation, a turk stole a bull, though each time he tried to kill it, a bright light shone in his eyes until eventually, he gave the bull back. one of the parts of the festival is an afternoon of horseriding through the town, culminating in a number of bareback races of two competitors hurtling up a dusty track towards the temple at the peak of the village. very exciting, though often the horses can be ill-tempered (spurred on, so i'm told, by the riders nipping or singeing the animals ears to make them rear up) and quite often kick out. The event is usually sponsored by a Another major traditional celebration is "Clean Monday", the first Monday of lent where the village celebrates a festival. The village ex-patriates. It is also a rich economic center with olive presses and animal husbandry.

The village contains many traditional houses that shows the Venetian and Roman occupation of the island. A rare, non-commercialized, non-tourist village - locals sit at tavernas that line the main street and socialize. People are quite friendly and get around on foot, however, the automobile has slowly started making an entrance into village life.

Near the village, at Klopedi, are the remains of the ancient Aeolian temple of Napaios Apollo, while Messa, also nearby, boasts the ruins of a big Ionian temple (late 4th-early 3rd century B.C.), possibly dedicated to three deities, Zeus, Hera and Dionysos. A monument from a later date, the Early Christian basilica of St. George, restored by the noted mediaevalist, professor A. Orlandos, may be seen at Halinados, not far away.

The school building of Agia Paraskevi is of neoclassical architecture of the early 20th century (1922-30’s) has a rectangular "U" ground-plan shape and shows a perfect symmetry at its openings. The formation of the school-yard area is also very significant. The construction of the school building, one of the most attractive on the island, was financed with revenues of the town’s oil-press which today has been transformed into a multi-cultural center.

The Oil-Press of Agia Paraskevi is a complex of stone-built buildings that serves as a characteristic sample of exceptional industrial architecture of the early 20th century (1910) on the island. Initially, it had been operating as an industrial complex (oil-press and corn-mill) and later on, until 1967, it ran as a community business. In 1984, with the support of the Prefecture of Lesvos, it was restored and transformed into a cultural center. The central building was turned into a multi-cultural hall with a 400-seats capacity, the oil storehouses were converted to a Folk-Art Museum while the 11 olives’ storehouses were transformed into modern guest-houses.

In the last census in 1991 the village was stated to have 2788 residents.