The Assumption Cathedral in Sviyazhsk was built in the second half of the 1550s. Its construction was entrusted to masters from Pskov, presumably Postnik Yakovlev and stonemasons Ivashka Shiryay and their companions. There is an opinion that this Postnik also built the Cathedral of St. Basil the Blessed in Moscow. The date of the cathedral's consecration is known thanks to an inscription on the antimins, which was kept in the cathedral for a long time but has not survived to this day. The consecration took place on September 12, 1561, during the reign of Tsar Ivan Vasilyevich and Archbishop Guriy of Kazan and Sviyazhsk.

Historically, the Assumption Monastery was the most influential and wealthy in the diocese, never lacking in inhabitants and having the means to support them. In 1764, it was classified as a first-class monastery. Until 1809, it was the only first-class monastery in the Kazan Metropolis. After the revolution, the situation changed, and in 1918, the Bolsheviks killed the last abbot, Bishop Ambrose Gudko. Soon, the monastery was closed.

In 1997, the revival of monastic life began in the Assumption Monastery. The oldest building on its territory is the Assumption Cathedral. If we remove later modifications, such as the refectory, kokoshniks, and baroque dome, the cathedral will appear as a typical example of Pskov architecture. The decoration of the cathedral's drum is typical for Pskov and includes a runner, a curb, and an arcature frieze. The cathedral has three apses: the central one is higher than the side ones, the northern and central ones have Pskov decor, while the southern one is lower but comparable in width to the central one. In the 18th century, baroque kokoshniks crowned with domes and star-shaped crosses appeared on the facades. Originally, the windows were smaller, but in the 18th century, they were enlarged and adorned with baroque frames. A gallery surrounded the temple on three sides.

The main decoration of the interior of the Assumption Cathedral is the frescoes, preserved over an area of more than 1000 square meters. They hold artistic and historical significance, reflecting the ideas and forms of the era in which they were created. The exact time of their creation and the names of the masters are unknown, with dating varying from the late 1550s to the early 17th century. The frescoes reflect the characteristics of Russian painting during the formation of a unified Russian state. The most important relic of the monastery is the relics of St. Herman of Kazan, which were uncovered in 1923, after which, according to local legend, a storm began, dispersing those gathered.