According to legend, confirmed by an ancient inscription on a wooden board stored in the Key Church, in 1707 the Kazan Icon of the Mother of God appeared at a spring near the village of Chetvertakovo. The local Mordvins, who were pagan at the time, saw miracles from the icon, believed in the true God, and accepted baptism.

It was soon decided to establish a monastery here, as the location was convenient: the villages of Turgenevo and Chetvertakovo were on the postal route from Saransk to Alatyr, and the district capital, Ardatov, was only five versts away. The monastery was created as a country estate of the Alatyr Holy Trinity Monastery, which was affiliated with the Trinity-Sergius Lavra. By 1708, at the behest of the Trinity Monastery, the first wooden Kazan church was built at the spring, consecrated on August 29 by priest John.

In 1767, the dilapidated church was replaced with another wooden one. The third temple, made of stone, began construction in 1806 higher up the spring, on a hill. The Alatyr archimandrite Abraham, who laid the foundation for this church, relied on local charity and the parishes of Turgenevo and Chetvertakovo. The summer part of the temple was consecrated in 1807 with the blessing of Bishop Paul Zernov of Kazan.

The monastery soon became a center of pilgrimage and contributed to the Christian enlightenment of the peoples of the Volga region. In the first half of the 19th century, the veneration of the Kazan Icon of the Mother of God spread to neighboring districts. In 1848, during a cholera epidemic, the residents of Alatyr asked the rector of the Holy Trinity Monastery to bring the icon to the city. Archimandrite Ezekiel agreed, and the icon was brought to Alatyr with a procession, after which the disease began to recede. In memory of this event, an annual procession was held in Alatyr on August 9, and a thanksgiving service was conducted at the Key Monastery. The icon was taken to homes and sent on journeys throughout the district.

In the 19th century, the buildings of the monastery were repeatedly rebuilt. In the early 1840s, the church was expanded with a refectory, nearly doubling its area. Initially, there was a wooden bell tower with an 8-pud bell, and later a bell tower was built. The wooden church above the spring was transformed into a chapel and was rebuilt twice.

By the end of the century, a monastic community had gathered at the Kazan Monastery, recognized as a monastic brotherhood affiliated with the Alatyr Holy Trinity Monastery. The flow of pilgrims to the spring increased, and before the revolution, the slopes of the monastery hill were occupied by the sick, waiting for their turn to bathe in the healing spring.

In the 1930s, the monastery was closed, the monks were expelled, and the wooden chapel and bell tower were destroyed. The church was damaged but remained. The flow of pilgrims and seekers of healing did not cease even during the Soviet years. By the late 1980s, the Kazan church had fallen into disrepair: the masonry was destroyed, the interior space deformed, the frescoes spoiled, the dome demolished, and the roof half torn off.

With the establishment of the Saransk diocese, the question of reviving the Key Monastery arose. By synodal decision on December 27-28, 1993, the male monastery was reopened. The church was restored and decorated, a bell tower was built, two wooden buildings, and a stone cell building with a domestic church were constructed. Hotel rooms for pilgrims were created, the number of which grew in the 1990s and 2000s. A wooden chapel with a bathing area was erected above the spring.

On July 22, 2011, Patriarch Kirill of Moscow and All Russia consecrated the new pilgrimage and educational center of the monastery. The church, known for its splendor, was restored and decorated, and a bell tower and buildings were constructed. Hotel rooms for pilgrims were created, the number of which is constantly increasing. A wooden chapel with a bathing area was erected above the spring.