Presumably your question refers to the theory of evolution by natural selection, in which case, yes it does explain the continued existence of monkeys. Monkeys are still around because they continue to be suited to life in their envirnoment. They have evolved the means of moving around in their habitats, the ability to procure food from the plants and animals in the area where they live and the physiological ability to acquire nuturients from that food, the ability to defend themselves against outside threats, etc.
If your question instead is meant to imply that, if humans evolved from monkeys, monkey should not exist, then your understanding of evolution is not complete.
A. Humans did not evolve from monkeys. Humans evolved from earlier primates, as did monkeys.
B. Evolution is not linear. Think of it more like a branching tree. Many species may eventually come from one. If the parent species develops slight differences in its population, those differences may lead to different advantages, which may lead to bigger differences, and so on, until eventually, the original species is no longer recognizable in the resulting organisms, and we have multiple species.
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