The monastery was founded in 1391 within the fortified city wall that protected the city from enemies. A significant role in its creation was played by Saint Feodor, the nephew and disciple of Sergius of Radonezh, who was then the Archbishop of Rostov. Feodor, known as a diplomat and translator, was also a talented icon painter. He created a copy of the Tikhvin Icon of the Mother of God and an image of the Holy Virgin, which he gifted to the monastery. Later, these icons were adorned with pearls and precious stones, but their fate is now unknown. Until the second half of the 18th century, the monastery received generous donations from Russian tsars. After the 1764 reform, it began to receive state subsidies and income from economic activities, which helped it recover from fires and devastation. In the 17th century, the monastery housed 25 residents and an abbess. At the end of the same century, the first brick Christmas church with four chapels was built. In the 18th century, by the decree of Catherine II, the construction of stone churches in Rostov began. In the 19th century, new buildings appeared in the monastery, including the Tikhvin Church and a brick wall with towers. The monastery owned an island on Lake Nero, which was used for hay meadows, and two guest houses that generated income. The monastery grounds also included farm buildings and a pond. The nuns engaged in handicrafts, teaching orphaned girls. In the mid-19th century, the first church parish school for girls from poor families was opened at the monastery. In 1903, a brick building was constructed for the school, which is now occupied by the Registry Office. At the end of the 19th century, more than two hundred residents lived in the monastery. In 1894, John of Kronstadt visited the monastery. With the advent of Soviet power, the monastery was closed in 1926, and its premises were used for various needs. In 1997, the monastery was returned to the faithful, and restoration work began. In 1999, the Church of Nicholas on Podozerye was annexed to the monastery, where services are now held. The oldest surviving building of the monastery, the Christmas Cathedral, was built in the late 17th century. Its walls were painted in 1715 with themes glorifying the Mother of God. In 1883, the painting was renewed. The cathedral is spacious, with one dome and a refectory supported by a single pillar. The two-tiered bell tower, built in 1817, has not survived, but its clock can be seen on the city fire tower. In the 1840s, a warm church dedicated to the Tikhvin Icon of the Mother of God was built, which became the last stone structure. Today, it is devoid of its five domes. The complex of monastery buildings is recognized as an architectural monument and is protected by the state. The museum collection of the Rostov Kremlin houses an embroidered veil of the Nativity of the Holy Virgin, created in 1664.