The monastery was founded in 1693 by hieromonk Nikanor, who later became the abbot. By 1711, several buildings had been erected, and in 1716, the Church of the Ascension of the Lord was built. It was considered one of the monasteries of the All-Great Don Army alongside the Ust-Medveditsky Spaso-Preobrazhensky Monastery. In 1788, by the decree of Catherine II, the monastery was closed.

In 1798, thanks to the petition of the Cossacks, who guaranteed its financial support from military funds, the monastery was restored, although it was left off the staff list. It was allowed to house 36 residents.

In 1844, the diocesan authorities appointed archimandrites as the superiors of the monastery. From 1867 to 1872, Bishop Don Ioann Dobrozrakov lived here in retirement.

The monastery was closed in 1918. From 1924, its premises housed a colony for the mentally ill, which was closed in 1967.

In 1991, the monastery was transferred to the Volgograd Diocese. In July 1993, hieromonk Daniil Mikhailov was appointed to the monastery, and gradual restoration began. Bishop Antoniy Prostiсhin, who was a resident in 1995 and 1996, recalled the difficult living conditions in the crumbling monastery.

Since 1996, abbot Rufin Ivanov became the superior of the monastery. Under his leadership, the church, chapels, and other buildings are being restored. In September 2001, a stone chapel in honor of St. Nicholas was consecrated at the site of the ancient monastery. Domes with crosses and bells were installed, and the holy spring of the Kazan Mother of God was cleared, where a chapel was laid in October 2002. In July 2001, the construction of the Friday Skete began, which includes a gate chapel in honor of St. Paraskeva Friday, two cells, and a bathhouse. There is also a chapel of St. John the Baptist here. Various companies are assisting in the restoration. As of May 2004, there were 5 residents and 2 workers in the monastery. Pilgrims and people seeking to overcome drug addiction come here. In 2007, abbot Savin Aganin was appointed as the new superior.