The entrance portal of the cave has been known since time immemorial and is an important paleontological and archeological site. The system of corridors with rich, multifaceted and colorful stalactite decoration was discovered gradually between 1923 and 1948. It forms a labyrinth of corridors, domes and abysses in three height levels. Due to its development, the Balcarka Cave belongs to the complex system of island and Vilémovice waters, which today spring near the Punkva Caves. Island waters have begun to cut their way in the deeper levels of Suchý žleb towards today's Punkva springs, but speleologists have not yet managed to penetrate this system.
According to legend, there used to be wild women in Balcarka who wore a white cap, a green jacket and a long white skirt. Balcar once plowed in his field in front of a rock and the savages asked him to make them a loaf of bread. They said to him, "Balcařisko, will you make us a shovel?" Balcar complied and received a cake that would never fail and would still be fresh. However, he was never allowed to eat it whole, he always had to leave a bit. However, the curious Balcar did not resist once and finished the cake whole, then in the morning he found a cow in the pantry. So he was punished. Balcar's Rock commanded respect through the mysterious hole and was shrouded in many legends and superstitions. It was not until the second half of the 19th century that it became the subject of research. We managed to uncover rich traces of human activity in the Late Palaeolithic - a fireplace and many stone and bone tools. Thousands of skeletons of mostly small animals and even a human tooth have been preserved in the sediments.
Balcarka belongs to the caves with extremely rich, varied and colorful stalactite decoration. The flat ceilings, created by the bench separation of limestones, are decorated with countless long hollow straws, wand and carrot stalactites or sinter waterfalls. In 1956, the Moravian Karst was declared a protected landscape area, Balcarova skála has been a nature reserve since 1998.