Masaya is the second most important city in Nicaragua. From the airport you can take a taxi cab that could charge you $20-30. Also, all the cities in Nicaragua have buses that take you directly to Masaya. There are also public minivans known as microbuses that will take you from Managua to Masaya for a bit less than $1.
El Coyotepe is an old fortress that dates back to the 19th Century, an awsome panoramic view of the City of Masaya and its surroundings can be taken from this fortess.
El Malecón is open area where you can get an awesome view of the Masaya Volcano and the Masaya Lagoon.
El Mercado Viejo is market that resembles a castle, it was buit at the ends of the 19th century. It is one of the most visited touristic places in Masaya. There you can buy any kind of handicraft made in the country.
Museo de Heróes y Mártires is a museum located inside of the Alcaldía de Masaya (Town Hall). This is a museum dedicated to the heroes and martyrs of Nicararaguan Revolution in 1979.
7 Esquinas is a place where 7 corners converge, very particular and unique in Masaya.
La plazita de Monimbó is a located in the indigenous neighborhood of Monimbo. After 5:00 p.m. different kinds of typical food can be bought at this plaza for very cheap prices.
Also, Masaya has several churches built in the colonial period and in the 19th century. Someof the churches are: Nuestra Senora de la Asuncion, San Jeronimo, San Juan, San Miguel, etc.
Masaya is famous for a really big mercado that has great smells and everything in abundance.
Masaya has a great handicrafts market for tourists. You can buy anything from bracelets, to pottery, to machetes/knives, artwork and good quality hammocks. The market is worth spending a couple hours at.