In 1880, a stone church with an iron roof was built in Khvalynsk with funds from local merchants Nazariy Savinov and Yakov Khrenov, next to the prison castle. It had one altar dedicated to the Most Holy Theotokos, in honor of her icon 'Life-Giving Spring'. The prison was located at the intersection of Ostrazhnaia and Bol'shaya Repyovskaia streets. In 1893, the prison was relocated, and the church, along with the other prison buildings, came under the city's administration. From that moment, the church had neither clergy nor parish. On December 5, 1903, thanks to the efforts of Bishop Hermogen, the Trinity Courtyard of the Saratov Spaso-Preobrazhensky Monastery was established in Khvalynsk on the site of the former prison. The former prison church and other buildings were transferred to the courtyard. Three versts from the city, a skete with a church in honor of St. Sergius of Radonezh was arranged at the monastery. Five years later, the courtyard became an independent Holy Trinity Monastery, and Ostrazhnaia Street, where it was located, was renamed Monastery Street.

In the early 1920s, Alexander Ottovich Count Medem became a member of the monastery's church council, who did much to maintain order in the monastery. The church building housed a club for the Khvalynsk Agricultural Technical School. In the 1960s-1970s, the former church building was reconstructed: it was divided into two floors and part of the external decor was removed. The residential buildings and the reconstructed church building from the monastery complex have survived.