The Exaltation Women's Monastery was founded in the 12th century. According to legend, the Exaltation Church was built on the site where, in the first half of the 13th century, during the reign of Saints Peter and Fevronia, there was a girls' monastery. Here, it is said, Saint Peter received the miraculous sword of Agrik for the fight against a sorcerer, and Saint Princess Fevronia took her vows.

The first reliable mention of the Exaltation Church in the 16th century is found in the charter of Tsar Mikhail Fyodorovich from 1627. It follows that the church already existed during the reign of Tsar Ivan the Terrible, who also issued a charter to it. This ancient church received special attention from Moscow rulers. The charter of Tsar Mikhail Fyodorovich not only secured the land for the church but also exempted the residents on church land from many state duties and secular court. The wooden church stood until 1797, when a stone temple was built. In 1831, the warm refectory of the stone church was expanded, and since then the appearance of the church has not changed.

The church was closed by a decree of the All-Russian Central Executive Committee on January 20, 1930, and was soon demolished. In 1998, a memorial cross was erected at the site of the former monastery.

In 2008, Archbishop Evlogy of Vladimir and Suzdal appealed to the administration of Murom to allocate a plot of land for the construction of a small chapel in honor of the Exaltation of the Holy Cross. The minor consecration of the chapel took place on July 7, 2009, and the major consecration and opening as a dependency of the Trinity Women's Monastery of Murom occurred on September 19, 2009. The consecration was performed by Archbishop Evlogy. Since July 16, 2013, after the formation of the Murom Diocese, the Exaltation Church has functioned as an Archierate dependency.