In ancient times, according to legend, the area where the monastery was later founded was called Fish Stream. Here stood the white tent of Prince Kiy, known as the white guest. Later, there was a pagan shrine on this site, destroyed by Yaroslav Vladimirovich, who built a wooden church of St. George here. Belogostitsy, one of the oldest settlements around Rostov, emerged on the trade route connecting Rostov with the Volga. Archaeological excavations in the village uncovered fragments of molded pottery used before the potter's wheel and which fell out of use by the end of the 11th century.

Saint Prince Boris Vladimirovich, upon receiving the city of Rostov, actively spread the Christian faith in Belogostitsy, where he built a stone Annunciation Church on the site of the wooden George Church. Later, Prince Dmitry Donskoy founded a monastery here. Great princes, especially Tsar Ivan the Terrible, often visited Belogostitsy, donating estates and money. At that time, the monastery buildings were predominantly wooden, but in 1639, the monastery gained fame thanks to Archimandrite Ion Sysoevich, who befriended Prince Mikhail Mikhailovich Temkin. The childless Prince Temkin invested almost all his fortune in the construction of the monastery. In the 16th and 17th centuries, the monastery was called George and Yegoryevsky and was affiliated with the Rostov episcopal house, but from 1764 it became a non-staff monastery. In the 17th century, there were five churches in the monastery, and 15 elders lived there with Archimandrite Gabriel. The George Church in the 18th century was transformed into a church in honor of the Kazan Icon of the Mother of God. In the 17th century, wooden churches stood on the site of the bell tower, which were demolished in 1846. In the mid-17th century, the monastery was surrounded by a stone fence with towers and gates, above which rose the bell tower. The main shrine of the monastery was the miraculous icon of the Kazan Mother of God, which previously belonged to Prince Mikhail Temkin. An annual procession with this icon was held to the Rostov Assumption Cathedral. The tombs of the family of Prince Mikhail Temkin were located in the Annunciation Cathedral of the monastery. The monastery owned villages and wastelands in the Rostov district, as well as a chapel on the Yaroslavl road. In 1900, with the funds of the monastery, a church-parish school was opened. The monastery complex remained intact until the 1960s, but later, after being leased to the Ministry of Internal Affairs, it was destroyed. In 2012, the Yaroslavl Diocese entrusted Archimandrite Dmitry Khramtsov with the restoration of the monastery, making it affiliated with the Nikitsky Monastery.