The monastery, founded in 1856 as a women's community, received official status in 1868. Before the formation of the Tatar ASSR in 1920, this territory belonged to the Vyatka province and the Vyatka diocese. Before the revolution, the Yelabuga monastery became the largest women's monastery in the diocese: in 1893, it had 250 sisters, and by 1900, 273, including novices. A school operated at the monastery, as well as gold embroidery and painting workshops.

The main benefactor, thanks to whom the monastery was established, was I. I. Stakheev. In 1856 and 1868, he donated over a million rubles for the monastery's establishment, which was rare for that time. With these funds, all the buildings of the monastery were constructed, including four churches, a bell tower, and six large residential and economic buildings, surrounded by a brick fence on the eastern outskirts of Yelabuga. The main church was dedicated to the Kazan Icon of the Mother of God and was a tall five-domed structure in the neo-Russian style. After the revolution, the cathedral was destroyed, but its restoration began in 2007, and on October 31, 2012, the church was consecrated by Metropolitan Anastasius of Kazan and Tatarstan.

In 1918, the monastery faced its first repressions. Formally, it was closed, but it continued to operate until 1928 as an 'Orthodox Christian religious society,' which had 243 members, including 173 nuns and novices, under the leadership of Abbess Angelina. In 1928, the monastery was finally closed.

The revival of the monastery began in 1995. Before the opening of the Zilant Monastery in Kazan in 1998, it was the only women's monastery in the Kazan diocese. By the early 2000s, about 20 sisters lived in the monastery under the leadership of Abbess Vera Shevchenko. There are two churches on the monastery grounds: a small church of St. Barbara, built in 1887, and a large church in honor of the Kazan Icon of the Mother of God, erected on the site of the destroyed one. There is also a country residence in the village of Anzirka with an active church of the Kazan Icon of the Mother of God, built in 1858. Restoration work at the monastery continues but is slow due to a lack of funds. The main benefactor has become the general director of the 'Zarechye' bank from Kazan, Natalia Vladimirovna Devyatykh, thanks to whom the main church was rebuilt and the sisters' building was restored.

In May 2019, the monastery opened the 'House of Vera' museum, telling the story of the monastery's life since its foundation. The creation of the museum followed the monastery's participation in a presidential grant competition, where it won in the 'Preservation of Historical Memory' category. With the funds received, in addition to creating the museum, events were organized to celebrate the 150th anniversary of the monastery's opening, which took place in September 2018.