The women's monastery in Privolzhsk was founded on the site of the former parish community of the village of Bolshoye Yakovlevskoye, the history of which spans several centuries. Archaeological finds indicate the existence of a settlement here as early as the 12th century. In April 1998, the Holy Nikolskiy Women's Monastery received official approval and blessing from the Holy Synod.

At the center of the monastery stands the Cathedral of St. Nicholas the Wonderworker, whose history dates back to the 14th century. The main altar is dedicated to St. Nicholas the Wonderworker, while the side altars are dedicated to the Holy Trinity and the Protection of the Holy Virgin.

Since the establishment of the monastery, an Orthodox women's gymnasium has been opened. Later, the Vladimir Church in the village of Odelevo and the Transfiguration Church in Plyos joined the monastery. The monastery also includes the miraculous Holy Spring, known as the Tikhvin Spring.

The relics of the monastery include the Tikhvin Icon of the Mother of God, the Icon of the Mother of God "Unexpected Joy," the Icon of the Mother of God "Many Named," as well as relics of St. Macarius of Unzha and Zheltovodsky, St. John, Bishop of Suzdal, and St. Leontius Mikhailovsky. Near the monastery is the Tikhvin Spring of the Mother of God. The Vladimir Dependency of the monastery in the village of Odelevo, the birthplace of Blessed Simon of Yuryevets, is also known for the holy spring dug by the blessed one.