The Shirgazi-khan madrasah - the oldest madrasah of Khiva - is located to the south of the Pakhlavan-Mahmud mausoleum, in the centre of Ichan-Kala.

It was constructed in the first quarter of XVIII century during the realm of the Shergazi-khan (1715-1728).
The madrasah is located in the ancient city wall. For this reason, and also owing to a natural floor convergence, the madrasah entrance is 2 metres below road level 2. The madrasah building is one-storeyed, except for the two-storeyed entrance. The madrasah includes a four-ayvans court yard complex of lobby rooms and a lecture hall.
Representatives of Khivan khanate were educated in this madrasah. The Shergazi-khan madrasah is glorified by the fact that the outstanding Turkmen poet Makhtumkuli studied here in the middle of the XVIII century.