The Sviyazhsk Makaryev Desert was founded in the mid-17th century by monk Isaiya from the Unzhensky Monastery and named after Saint Makary of Unzha and Zheltovodsky, the founder of the Unzhensky Monastery. In 1764, it was annexed to the Sviyazhsk Mother of God Monastery and effectively closed. In 1798, Paul I, visiting these places during a trip along the Volga and impressed by their beauty, granted the request to restore the monastery. Until 1956, the monastery was located on the right bank of the Sviyaga River, 3 km from its confluence with the Volga and 1.5 km from Sviyazhsk. After the creation of the Kuibyshev Reservoir, it ended up on the right bank of the Volga. The monastery is situated on a terrace of the bank, reinforced with a limestone wall and brick buttresses. Its territory has a rectangular shape with a multi-faceted projection to the northeast. The monastery fence, built in 1898 from brick, consists of wrought iron grilles and brick pillars in the north. The northeast and northwest corners feature entrance gates connected by a road. The composition of the buildings, located around the perimeter of the site, is designed for perception from the river. The complex includes the Ascension Church, the Mother of God of Sorrows Church, a chapel, the abbot's house, two brotherhood houses, an icehouse, a bakery, and utility buildings.

On March 13, 2013, a monument to the founder of the monastery, the Venerable Makary of Zheltovodsky, was consecrated at the Makaryevsky Monastery. The solemn consecration and prayer service was led by Metropolitan Anastasy of Kazan and Tatarstan. After the service, he congratulated the monastery's brotherhood on this event and wished them to follow the example of the life of Venerable Makary. The abbot of the monastery, Hieromonk Gleb Vladimirov, noted that the idea of commemorating the founder arose seven years ago. The monument was created according to the project of sculptor Andrey Balashov, but its installation was delayed due to a lack of funds.