This monastery is a very important spiritual place in Nizhny Novgorod. It was founded by a monk, Dionysius, of the Kiev Pechersk Lavra also known as Kiev Monastery of the Caves between 1328 and 1330. Quickly the monastery became one of the most important centers of 14th century Russian culture.
In 1597, it was destroyed by a landslide. In 1648, a cathedral with a bell tower was rebuilt, as well as Euthimios Church and the Assumption Church. During the same period along the river were erected the stone sister cells, gradually merged into a single extended building.