In 1691, the residents of the city turned to Patriarch Adrian with a request to bless the construction of a monastery in honor of the Ascension of the Lord. After receiving approval, Elder Philaret resumed work on the establishment. That same year, the construction of the wooden Ascension church began, for which a small amount was allocated from the royal treasury at Philaret's request. In 1694, the church was completed. A significant contribution to the development of the monastery was made by Archimandrite Augustine, who became its abbot in 1848. Under his leadership, most of the buildings were constructed. In 1852, a stone cold Ascension temple with five domes covered in white tin was erected. The main dome was adorned with a gilded cross, while the smaller domes had wooden crosses covered in iron.

With the advent of Soviet power, like many other monasteries in Russia, the establishment ceased its activities. By the decision of the Middle Volga Regional Executive Committee on December 17, 1928, the Ascension church was closed. In 1933, the "Soyuzplodovoshch" combine rented two churches of the monastery from local authorities. The Feodorov church was initially used for a water tower, then a garage for the factory, and from the 1970s, a warehouse. The Ascension of the Lord church was turned into a club. In 1993, at the initiative of Archpriest Grigory Koberin, the administration of Syzran decided to transfer the remaining buildings of the monastery to the Russian Orthodox Church. After the celebration of the millennium of the Baptism of Rus, the revival of churches and monasteries began. On June 24, 1996, Archbishop Sergey of Samara and Syzran re-consecrated the cathedral Ascension church and held a Divine Liturgy there. Monks and novices settled in the monastery, striving to restore its original appearance and revive true monastic life.