The Holy Trinity Ipatiev Monastery is a male monastery located in the western part of Kostroma on the banks of the Ipatievka River, near its confluence with the Volga.

According to a later legend, the monastery was founded around 1330 by the Tatar nobleman Chet, who became the ancestor of the Godunov and Saburov families. He fled from the Golden Horde to Ivan Kalita and was baptized in Moscow under the name Zachariah. At this site, the Mother of God appeared to him with the apostle Philip and the holy martyr Ipatius of Gangra, which led to his healing from illness.

In the monastic cells built in 1583, from the autumn of 1612, the young Mikhail Romanov and his mother, nun Martha, resided. On March 13, 1613, an embassy from the Zemsky Sobor arrived at the monastery, which elected the 16-year-old Mikhail as tsar. The embassy was led by Archbishop Theodorite of Ryazan, the cellarer of the Trinity-Sergius Monastery, Avraamy Palitsyn, and boyar Fyodor Sheremetev. On March 14, a solemn ceremony took place in the Trinity Cathedral of the monastery, calling Mikhail Romanov to the throne, which marked the end of the Time of Troubles.