The Nikolo-Korelsky Monastery was founded in the late 14th, early 15th century by St. Euphemius of Korel, known for his educational activities among the Koryels and other peoples of the Far North.

In the 1920s, the Bolsheviks closed the monastery, and in the 1930s, buildings of the shipbuilding enterprise Sevmash were constructed around it. Most of the wooden wall from the 17th century was demolished, except for a small section with one tower, which was transported to Kolomenskoye.

Today, the structures of the Nikolo-Korelsky Monastery are located on the territory of Sevmash and are integrated into its structures: some divisions of the plant are housed in the former churches.

Despite the fact that in the 1990s, part of the monastery buildings was transferred to the Church, Orthodox believers cannot freely visit the monastery due to its restricted status. The Cathedral of St. Nicholas the Wonderworker was the first to be restored.

On April 7, 2005, on the Feast of the Annunciation, a small consecration of a new chapel in honor of St. Euphemius and the Righteous Antoniy and Felix of Nikolo-Korel took place, becoming the first altar in the Russian Church in honor of these saints. On the same day, for the first time in 85 years, the Divine Liturgy was celebrated in the ancient monastery in the newly consecrated chapel. Since then, the Nicholas Cathedral has received the status of a factory church, and on December 1, 2009, domes reappeared above it.