The monastery was founded at the Peter and Paul Church, built by the venerable Peter, the prince of the Ordynsky, by the order and with the funds received from the apostles Peter and Paul, who appeared to him in a miraculous way. At the end of his life, the prince took monastic vows here and passed away in 1290. His relics rest beneath the southern wall of the Peter and Paul Cathedral, opposite the iconostasis, and in the following centuries became renowned for numerous miracles. In 1322, during the invasion of Khan Akhmyl, Peter's great-grandson Ignatius and the Rostov saint Prokhor met the khan at the Petrovsky Monastery. They told him about the history of the monastery and its founder, and Saint Prokhor healed the khan's son. Impressed, Akhmyl generously rewarded the bishop and clergy and ceased the destruction. No information has survived about the subsequent three centuries of the monastery's history. It is mentioned again in 1608 when it was ravaged and burned by Lithuanians and Russian traitors. In 1684, a new Peter and Paul Cathedral was built, and in 1696, the winter church of the Praise of the Holy Mother of God. In 1764, the monastery was left out of the state and maintained itself. In 1805, a brotherhood building was erected. In the 19th century, a bell tower, four corner towers, and monastery walls were built. All these brick structures, including the 17th-century churches, remained until 1933. In 1933, the monastery was confiscated and destroyed. In 1933-1934, the cathedral, bell tower, and walls were dismantled. The towers, brotherhood building, and the Church of the Praise of the Mother of God were used for housing. The church housed a brewery and other productions. The last secular owner, LLC Rostovagropromenegro, went bankrupt in 2004. By this time, the remaining buildings consisted of two three-story and two two-story structures, as well as a heavily remodeled and neglected church. Garages were built on the site of the cathedral. All this was surrounded by residential houses, drainage ditches with stagnant water, and garbage. In April-May 2005, with the help of benefactors, the administrative and economic buildings of the bankrupt enterprise and the first floor of the brotherhood building were purchased. On July 13 of the same year, in the refectory part of the surviving building of the Church of the Praise of the Mother of God, Archbishop Kirill Nakonechny of Yaroslavl performed the first Divine Liturgy in a long time. After that, regular services began in the reviving monastery. A Sunday school was opened at the monastery. After unusual phenomena indicated the possible location of the relics of the venerable Peter, the garage at this site was dismantled, and a memorial cross was erected. On December 24, 2010, the Holy Synod blessed the reopening of the monastery.