The Paygarm Paraskhevo-Ascension Women's Monastery is located 35 km from Saransk and 5 km from the railway station Ruzayevka, near the village of Paygarma, from which it got its name. The monastery was founded in 1864 at the initiative of local peasants on lands donated by the benefactor Maria Mikhailovna Kiseleva. Even in ancient times, local residents noticed the peculiarities of the Paygarm springs, but it was only in the 18th century that they became part of Orthodox rituals. The monastery has three main springs: two dedicated to St. Seraphim of Sarov and St. Nicholas of Myra, and the third to the Great Martyr Paraskheva. Water from the first two springs is used for washing, while the third is used for bathing and drinking.

In the 18th century, the lands near the village of Paygarma belonged to the landowner Yeremey Struyskiy, who sold them to the Dyatkov family, and they, to four wealthy Mordvins. An icon of the Great Martyr Paraskheva was found in one of the springs, from which a sick soldier was healed. In gratitude, he built a log cabin over the spring, and since then, people have been coming to the spring continuously. After the reform of 1861, the landowners decided to donate the land for the creation of a monastery. From 1863 to 1865, peasants from Mordvin villages appealed to the diocesan authorities with a request to open a women's community, aided by Maria Mikhailovna Kiseleva. She achieved the opening of the sisterhood on July 20, 1865, and transferred 20 desyatins of land to the nuns. By the end of 1864, the main work on organizing the monastery fell on her shoulders.

In 1878, Emperor Alexander II donated 75 desyatins of land to the monastery. Pelageya Stepanovna Smirnova was appointed responsible for the construction of the monastery. In the spring of 1865, the construction of the church began, and the number of sisters quickly increased. By 1882, the community numbered 220 people, and by 1915, nearly 600. In St. Petersburg, the monastery was supported by Count A. S. Apraksin and his wife, and funds came from donors from various cities. At the end of the 19th century, dependencies opened in Saransk, Penza, Insar, and St. Petersburg. In 1909, the Insar dependency became an independent Holy Olga Monastery.

Before 1865, there was a small chapel and two semi-ruined cells in Paygarma. In 1866, the renovated chapel was consecrated, and in 1874, the Ascension Church was built. In 1893, the construction of the second stone Ascension Church began. At the end of the 19th century, the monastery was surrounded by a wall with corner towers. In 1874, the construction of the Assumption Cathedral began, which was completed 16 years later. The cathedral is decorated with frescoes, some of which have survived to this day. In the 1990s, the cathedral was restored.

The monastery had an icon-painting workshop, as well as workshops for goldsmiths, artisans, and other crafts. The monastery was known for its charity: there were an orphanage, a poorhouse, and schools. In 1918, the monastery became the headquarters of the 1st Revolutionary Army, and later a state farm and hospital were located on its territory. During the Soviet era, the monastery was used by the Ministry of Defense, and many buildings were destroyed.

With the establishment of the Saransk diocese, the return of the monastery to the faithful began. Today, more than fifty residents live in the monastery, and buildings and churches are being restored. The monastery has a dependency in Saransk, and the income from it goes towards restoration. The monastery attracts many pilgrims, especially young people.