The monastery was founded simultaneously with the city or, according to some sources, even earlier. Initially, there was a wooden church in the name of the Unmade Image of the Savior, the exact date of its construction is unknown. In 1678, a new wooden Spasskaya church was built with the funds of S.T. Protopopov, which burned down in 1685. From 1691 to 1696, a stone church in the name of the Unmade Image of the Savior was built on the site of the burned church, with a wooden bell tower, becoming the second city cathedral. In 1696-1698, merchant I. Andreev erected a second stone warm church in the name of St. Alexius. In 1709-1710, a stone bell tower was added to this church with the funds of M.O. Tverdyshev. In 1713, I. Andreev expanded the church, connecting it with the bell tower, and added a hospital on the southern side. In 1734, the dilapidated hospital was rebuilt by Lieutenant Colonel I.I. Nemkov, transforming it into a chapel in the name of the Three Hierarchs.

By 1780, the "Spassky Maiden Monastery" had two stone churches, while the other buildings changed over the years. Until 1784, all buildings, except for the temples, and the monastery fence were wooden. In 1787-1789, with funds bequeathed by Ya.B. and N.K. Tverdyshev, a stone fence was built around the monastery according to the project of architect Toskaniya. On the northern side along Dvortsovaya Street, two one-story wings appeared for rent to increase the monastery's income. On the eastern side, two stone houses for the abbess and nuns were erected, as well as other buildings. In the northwestern tower of the fence, a service room was arranged, and in the northeastern, a chapel. There were gates in the fence: on the northern side "water" gates, on the southern, painted with a wooden chapel. The main gates were located on the side of Spasskaya Street.

From 1818 to 1833, the Simbirsk Spiritual School was located in the northwestern corner of the monastery. In 1844, by order of the Synod, the "Spassky Second Cathedral" was abolished, and the Ascension Church became a parish cathedral.

In 1846-1847, several buildings were constructed. On October 12, 1847, a new building in the northwestern corner of the monastery was handed over for a school for orphaned girls from the spiritual class, opened by Bishop Feodoti. It became one of the first primary schools in the Simbirsk province, and in 1853, 25 girls were educated there.

Plans for the use of the monastery churches often changed. In 1928, it was planned to create a museum of church antiquities in the Spasskaya church, and in 1929, a club for metalworkers. In June 1930, the bells weighing a total of 574 poods 10 pounds were removed from the churches. The three-tiered bell tower had 8-10 bells, the largest of which weighed 437 poods. On September 2, 1930, the former women's monastery housed the Gorstrakhkassa. By the decision of the city executive committee on April 14, 1932, both churches of the monastery were transferred to the Red Banner School named after Lenin for dismantling for building materials, which continued until 1936. Various institutions were located in the monastery buildings at different times.

In 1932, the monastery housed a dormitory for the industrial-pedagogical technical school, and from 1930 to 1949, there was a "Worker's Town" for workers of the cartridge factory. From August 1941, Ulyanovsk Pharmaceutical School was located in building No. 3, which became a vocational school in 1954. In 1965, the construction of an inter-union club began, and the remains of the Spassky Monastery were mostly demolished. The remains of the monastery walls were preserved until 1968.