The Syandemsky Assumption Convent was founded in the second half of the 16th century by the venerable Athanasius, a disciple and friend of the venerable Alexander of Svir. Athanasius, having taken monastic vows on Valaam, retreated with several disciples to the Karelian forests after the death of his teacher. On a hill between the lakes Syandema and Roshchinskoye, near Olonets, he established the Syandema Hermitage. This picturesque place was under the administration of the Novgorod diocese. With the blessing of Archbishop Pimen, Athanasius built a chapel in honor of the Holy Trinity and eight cells, gathering around him ten monks. However, he soon returned to the Svir Monastery, where he became the abbot, leaving the hermitage unattended.

It is unknown how long Athanasius managed his teacher's monastery, but by the end of the 16th century, he was already listed as a former abbot and requested permission from Archbishop Alexander to build a monastery with a church in the place of the hermitage in the name of the Life-Giving Trinity and allocate land for fields. Having received permission, Athanasius founded a male monastery, where the brethren lived off their labor, setting an example.

The venerable Athanasius passed away in old age and was buried on the cape of Roshchinskoye Lake, where later a church was erected in honor of the holy hierarchs Athanasius and Cyril of Alexandria. In the early 17th century, invasions by Lithuania and the Swedes destroyed written records about the monastery, but before that, the monastery had flourished. In the early 18th century, a fire destroyed the Syandema Hermitage, and in 1720, the church of the holy hierarchs Cyril and Athanasius was restored.

The Syandema region is very picturesque. The monastery is located in a glade surrounded by dense forest, with lakes on the northern and southern sides. On the elevation between the lakes stands a wooden church of the Assumption of the Mother of God, built by Abbot Innocent.

After the fire, the incorrupt relics of the venerable Athanasius were found. They were discovered while digging the foundation for the new church, and on May 2, they were reburied in the former grave. A reliquary was established in the church above the relics, and the memory of the discovery of the relics is celebrated on May 2, the day of his name day, and January 18.

During the monastery reform, the convent was closed, but it was restored in the 19th century. The monastery had two churches: a wooden church of the Assumption of the Mother of God and a stone church of Athanasius and Cyril, where the relics of Athanasius rested. In 1865, the church was rebuilt.

Since 1909, the monastery became a women's convent with educational purposes. The convent faced financial difficulties but received support from members of the royal family. During the Soviet era, the monastery was closed, property nationalized, and the buildings were used for other needs.

In 1941, the monastery found itself on the front line, and its buildings were destroyed. In 2009, the revival of the convent began. Archbishop Manuel served a moleben, a wooden church was built, and in 2011, the monastery was officially designated as a women's monastery.